Organizational Theory
Midterm Exam
Course Introduction
Organizational Theory explores the fundamental concepts, models, and frameworks that explain how organizations are structured, function, and evolve within various environments. This course examines the relationships between organizational culture, strategy, design, and effectiveness while considering factors such as power dynamics, decision-making processes, and external influences. Students will analyze historical and contemporary theories, assess real-world organizational challenges, and develop critical thinking skills to better understand and influence organizational behavior and performance in diverse settings.
Recommended Textbook
Managerial Economics and Organizational Architecture 6th Edition by James Brickley
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Page 2
Chapter 1: Introduction
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Q1) What was the main reason for "liar loans" to proliferate?
Answer: The incentives to mortgage brokers were such that the more loans they generated,the greater was their compensation.Therefore,the mortgage brokers had no incentive to go behind the scenes to check the viability of repayment.
Q2) Fama and Jensen suggest that "the form of organization that survives in an activity is the one that delivers the product demanded by customers at the lowest price while covering costs." This is an example of
A)market and organizational efficiency.
B)market and organizational equity.
C)economic benchmarking.
D)defective organizational architecture.
Answer: A
Q3) What are some of the ways in which risky borrowers cheated on housing loans?
Answer: Borrowers overstated their income and claimed "liar loans." Fraudulent borrowers would recruit people to apply for more liar loans,provide unreliable home appraisals,purchase homes at lower prices from the sellers,and pocket the difference.
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3
Chapter 2: Economists View of Behavior
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Q1) Assume that the quantity of CDs is measured on the horizontal axis,while the quantity of movie tickets is measured on the vertical axis.If available income decreases,then
A)the horizontal intercept of the budget line decreases,while the vertical intercept remains unchanged.
B)the vertical intercept of the budget line decreases,while the horizontal intercept remains unchanged.
C)the budget line will shift inward.
D)the budget line will shift outward.
Answer: C
Q2) Assume that the quantity of apples is measured on the horizontal axis and the quantity of oranges is measured on the vertical axis.If the budget line rotates upward while keeping the same horizontal intercept, it implies that
A)the price of apples has decreased.
B)the price of oranges has decreased.
C)the available income has increased.
D)the price of oranges has increased.
Answer: B
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4
Chapter 3: Exchange and Markets
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Q1) Currently XYZ's compensation system is such that only top managers receive compensation based on the company's performance,while everybody else in the company receives a fixed salary.Moreover,top managers have full discretion over the launch of new products.Due to the failure of the last three products launched by XYZ,top managers are contemplating modifying the allocation of decision rights concerning new products.What changes would make more economic sense?
A)Delegating decision rights down the ladder to those employees who are likely to have more specific knowledge and leaving their current compensation scheme unchanged
B)Delegating decision rights down the ladder to those employees who are likely to have more specific knowledge and changing their compensation by awarding them bonuses based on their performance
C)Leaving the allocation of decision rights unchanged,but changing the compensation of all the employees by awarding them bonuses based on their performance
D)Giving themselves good bonuses and reducing benefits for all other employees Answer: B
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Chapter 4: Demand
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Q1) Assume SeatComfy Inc.estimates the demand for its table chairs to be Q = 5,00025P + 4I +10P<sub>A</sub> - 15 P<sub>T</sub>,where P = the price of SeatComfy's chairs; P<sub>A</sub> = average price of competitors' chairs; P<sub>T</sub> = price of tables; and I = average income of SeatComfy's customers.Which of the following is true?
A)SeatComfy's chairs are inferior goods; SeatComfy's chairs and tables are complements,while SeatComfy's and competitors' chairs are substitutes.SeatComfy's sales decrease by 250 units for each $10 increase in their own price.
B)SeatComfy's chairs are normal goods; SeatComfy's and competitors' chairs are substitutes,while SeatComfy's sales are not affected by the pricing decisions of table producers.SeatComfy's sales increase by 50 percent if the price decreases by $2.
C)SeatComfy's chairs are normal goods; SeatComfy's chairs and tables are complements,while SeatComfy's and competitors' chairs are substitutes.SeatComfy's sales decrease by 25 units as price increases by $1.
D)SeatComfy's chairs are normal goods; SeatComfy's chairs and tables are complements,while SeatComfy's and competitors' chairs are substitutes.SeatComfy's sales decrease by 250 units as price increases by $1.
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Chapter 5: Production and Cost
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Q1) Which of the following is true of a production function?
A)It specifies the maximum feasible output that can be produced for given amounts of inputs.
B)It specifies the maximum revenue that a firm can generate by selling its output.
C)It specifies the amount of goods that can be purchased in a market at a given price.
D)It specifies the expenses a firm can incur as a result of a production process.
Q2) A firm's average total cost is minimized at <<AU: Change / to "per"?>>$5/unit when it produces 10 units.What is the marginal cost when the firm produces 10 units?
A)Less than $5/unit
B)Greater than $5/unit
C)$5/unit
D)$10/unit
Q3) Can a production function with two factors exhibit increasing returns to scale while at the same time have diminishing returns to each factor?
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Chapter 6: Market Structure
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Q1) Recently American Airlines started charging $15 for each checked baggage.Why did the company not charge $15 to $20 more per ticket and quietly avoid this publicity?
Q2) Why would precommitment contracts,licenses,learning curve effects,and brand advantages protect an established corporation from new competitors?
Q3) A monopolist's demand curve is P = 10 - 2Q.Thus,the MR is A)5 - 2Q.
B)10 - Q.
C)10 - 4Q.
D)5 - Q.
Q4) If a firm with monopoly pricing power in the market faces a demand curve of P = 2,000 - 2Q and marginal cost of MC = 1,100 + 2Q,then the firm will produce
A)542 units.
B)150 units.
C)200 units.
D)900 units.
Q5) There are four structural components to a perfectly competitive market.Which one of the four components is the most important to market operation and why?
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Chapter 7: Pricing With Market Power
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Q1) Two consumers,1 and 2,of the same product have the following demand curves: Q<sub>1</sub> = 500 - 10P and Q<sub>2</sub> = 500 - 20P.MC for the firm is $10.Calculate the prices when the firm discriminates between the two consumers.Is this a good strategy,or should the firm charge the same price to both of them?
Q2) Calculate the markup price if MC = $10.00 and price elasticity equals 1.7.
A)$5.88
B)$17.24
C)$24.27
D)$32.42
Q3) Which of the following is a reason for firms to bundle products?
A)To extract additional profit from a customer base with heterogeneous product demand
B)To extract additional profit by charging higher prices for the goods in a bundle
C)To clear the old stock of the product
D)To increase customer welfare and satisfaction
Q4) P = 50 - 1/500Q is the demand curve for tickets.MC = $10 per ticket.What is the optimal price? Calculate the consumer surplus at this price.
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Chapter 8: Economics of Strategy: Creating and Capturing
Value
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Q1) A firm can capture value through market power or through superior factors of production.The rent earned through the use of superior factors of production is A)housing rent.
B)monopoly rent.
C)Ricardian rent.
D)Bushian rent.
Q2) Human resources,as a source of creating value in a modern company,are also referred to as A)hardware.
B)software.
C)wetware.
D)dryware.
Q3) Walmart,like many companies in the new economy,uses a hub-and-spoke distribution system to
A)increase costs of stocking and inventory.
B)change consumer attitudes toward warehouse shopping.
C)decrease consumer demand.
D)decrease costs of stocking and inventory.
Q4) What are the key components for creating market power in order to capture value?
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Chapter 9: Economics of Strategy: Game Theory
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Q1) If a strategic move is credible,it is likely to A)be the dominant strategy of all the players in the game.
B)change the actions of rivals.
C)result in repeated,sequential interactions.
D)result in self-enforcing outcomes.
Q2) What are the key managerial insights derived from game theory? Which one is the most important?
Q3) We have two players,A and B,where A moves first and can go L or R,and B moves next and can go T,B,or R.A moves again and can go L,R,or M.The payoffs are decided after this.The best approach to solve such games is through
A)dominant strategies.
B)mixed strategies.
C)forward induction.
D)backward induction.
Q4) Though Nash games are noncooperative,a cooperative outcome is more likely if A)the long-run gains are greater than the short-run gains.
B)firms can easily monitor the outcomes from rivals' defection.
C)firms expect the market relationship to last only for a short time.
D)the long-run gains are smaller than the short-run gains.
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Chapter 10: Incentive Conflicts and Contracts
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Q1) Incentive problems in contractual relationships generate:
A)revenues that increase value.
B)revenues that decrease value.
C)costs that increase value.
D)costs that decrease value.
Q2) J.T.Smith's company,Gamemaker,sells gambling equipment to gaming service companies.Since the quality of the equipment is difficult to monitor and gamblers are often the source of machine failure,Smith could cheat on the level of machine quality.However,Smith has a strong quality assurance program.A primary reason for that may be:
A)cost containment.
B)company reputation.
C)the need for reinforcement.
D)the asymmetric information Smith holds on quality.
Q3) Monitoring costs are:
A)the costs of a failure in bargaining.
B)rarely incurred in contracts between a principal and an agent.
C)the insurance costs of guaranteeing that the principal will not incur a cost of contract failure.
D)the costs of reviewing and overseeing the actions of an agent.
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Chapter 11: Organizational Architecture
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Q1) Organizational architecture varies from firm to firm.The three important external determinants of a firm's administrative structure are:
A)decision rights,rewards,and technology.
B)government regulation,technology,and decision rights.
C)government regulation,technology,and markets.
D)decision rights,rewards,and evaluation systems.
Q2) Missy Knowles is in charge of all technical developments at Gumby Polymer Rubber.She makes all the choices concerning product innovations in the company.She finds that she is overworked and that several of her research chemists seem to be spending work hours playing golf.What managerial advice would you provide to Gumby Polymer Rubber (GPR)? Clearly explain your reasoning.
Q3) Slogans,company parties,rituals,and role models are all aspects of:
A)benchmarking.
B)rational expectations.
C)empowerment.
D)enhancing communication.
Q4) FedEx employees use the motto "Absolutely,Positively" to express their commitment to their customers.What should be the attitude of someone who studies economics toward this sort of company ritual?
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Chapter 12: Decision Rights: the Level of Empowerment
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Q1) Bob is given the right to make all the important decisions in an organization.This is an example of:
A)decentralized decision making.
B)centralized decision making.
C)bundling.
D)a nonstandard practice within a hierarchy.
Q2) Kevin Freeman is the head of a team developing plastic knee replacements.His research team has discovered an improved materials -handling procedure that reduces contamination of the product during assembly.The issue for the company after the discovery is:
A)how this specific knowledge can be transferred to the company's whole production process.
B)whether or not this specific knowledge can be implemented in the knee team's process.
C)whether to transfer this new knowledge for general corporate use.
D)to figure out how this discovery can be utilized to reduce influence costs.
Q3) What are some of the important questions regarding the assignment of decision rights in an organizational hierarchy?
Q4) What are some of the demerits of decentralization?
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Chapter 13: Decision Rights: Bundling Tasks Into Jobs and Subunits
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Q1) In the Bagby Copy Company case study,the executives are faced with wiring ten different copiers that they make in five separate European countries.They must choose between specializing by country or specializing by manufacturing of copier type.The executives hire a lobbyist to work for a standard regulatory and sales environment across the entire European Union.Why?
Q2) Incentives are an important aspect to determine whether multiple tasks should be combined into one job or not.How can monetary incentives help and/or hinder the process of getting a job done,particularly if it is made up of several tasks?
Q3) Which of the following is not a cost of specialized task assignment?
A)Foregone complementarities across tasks
B)Functional myopia
C)Comparative advantage of specialization
D)Reduced flexibility
Q4) What do you mean by a specialized task assignment and what are its advantages?
Q5) Defense,construction,and management consulting are usually set up as:
A)M forms of business organizations.
B)U forms of business organizations.
C)network designs.
D)matrix designs.
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Chapter 14: Attracting and Retaining Qualified Employees
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Q1) We know that a firm is paying way below the market wage rate if:
A)the number of applications for a job posting is high and the quit rate is low.
B)the number of applications for a job posting and the quit rate are high.
C)the number of applications for a job posting and the quit rate are low.
D)the number of applications for a job posting is low and the quit rate is high.
Q2) There are several assumptions that are the basis of the operation of the benchmark competitive labor market.Which of the following is not one of these assumptions?
A)Wage rates are costlessly observable.
B)All jobs are identical.
C)There are no long-term contracts.
D)Compensation is made up of wages and benefits.
Q3) When a company is very dependent on firm-specific human capital,it makes sense for the company to:
A)use only benchmark competitive wage rates.
B)offer compensating differentials for unpleasant jobs.
C)develop programs for sending employees to the local university.
D)create an extensive internal labor system for career advancement.
Q4) What are internal labor markets and what is an important characteristic of these markets?
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Chapter 15: Incentive Compensation
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Q1) Team production is a limiting factor as a solution to incentive problems because:
A)the entire team may be inefficient.
B)some team members may choose to shirk and let the rest carry the load.
C)some team members never get along.
D)some team members may perceive the team leader to be a role model.
Q2) A compensation program that includes all performance indicators that influence an employee's effort is called the:
A)informativeness principle.
B)incentive coefficient.
C)risk-sharing premium.
D)efficient bargaining solution.
Q3) Dan Heath is the owner of Plain Truth Advertising.He is attempting to design salary systems for his employees,most of whom are sales agents.To get a good system,he needs to recognize the trade-offs between:
A)benefits and incentives.
B)risk-sharing and benefits.
C)benefits and salaries.
D)risk-sharing and incentives.
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Chapter 16: Individual Performance Evaluation
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Q1) While production teams are important sources of productivity in business,they can suffer from the ______ problem.
A)free rider
B)reneging
C)externality
D)benchmark
Q2) Which of these is a subjective evaluation method used for assessing an employee's compensation?
A)Output-based system
B)Ratcheting up of standards
C)Across-firm performance benchmarking
D)Goal-based system
Q3) Employee performance evaluation is needed because:
A)it justifies the incredibly high wages of the CEOs.
B)it justifies the incredibly high fringe benefits of the CEOs.
C)it minimizes the risks faced by employees for putting in their effort.
D)it determines rewards and sanctions-wages,raises,bonuses,and dismissals.
Q4) Make a case for 360-degree performance evaluation based on the informativeness principle.What problems may be encountered from implementation of such a system?
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Chapter 17: Divisional Performance Evaluation
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Q1) The accounting-based performance analysis:
A)provides aggregate level data that is insufficient for decision making.
B)is completely under the control of the operating managers.
C)is a true reflector of a particular management center's functioning.
D)provides inexpensive information on opportunity costs.
Q2) In terms of using accounting data to build an effective management control system,what is the nirvana fallacy?
A)It is the tendency to use market-based transfer prices.
B)It is the system of using accounting data for both decision management and decision control.
C)It is the tendency to use cost centers rather than profit centers as the core of business structure.
D)It is the belief that a perfect control system can be invented that will stop all fraud.
Q3) Which one of the following is not a method used to set transfer prices?
A)Market price method
B)Marginal production cost method
C)Negotiated pricing method
D)Opportunity cost method
Q4) What are the common transfer pricing methods?
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Chapter 18: Corporate Governance
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Q1) Which of these groups is an external monitor in a publicly traded company?
A)Board of directors
B)Shareholders
C)Independent auditors
D)Top managers
Q2) Which of these is true of blockholders?
A)They participate more than small shareholders in the governance process because they internalize more of the benefits.
B)They add value to the corporation when they extract private benefits.
C)They are superior to institutional investors in their ability to reduce agency costs.
D)They should not be managers of the firm.
Q3) In the United States,the board of directors of corporations have a fiduciary responsibility to:
A)set the prices of the products the corporation produces.
B)raise investment capital in their spare time.
C)operate the company on a day-to-day basis.
D)represent the interest of its shareholders.
Q4) What is managerial power theory and what are its implications?
Q5) What are the shareholder incentives within a corporation?
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Chapter 19: Vertical Integration and Outsourcing
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Q1) An iron and steel manufacturing plant was facing a power crisis on a daily basis.The unit had to stall production for about two hours on an average per day.In order to minimize the loss,the owner decided to invest in a cogeneration unit that would produce enough power to facilitate production during the peak load hours.This action of the manufacturer exemplifies:
A)a monopoly-pricing strategy.
B)a forward or downstream integration.
C)a dual-pricing strategy.
D)a backward or upstream integration.
Q2) When asset specificity is very high and there is a lot of market uncertainty,then it is best for a firm to:
A)buy in the open market.
B)use a long-term contract.
C)vertically integrate.
D)engage in a joint venture.
Q3) The nonmarket transactions refer to:
A)purchases made in the spot market.
B)vertical integration.
C)short term contracts.
D)market power.
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Chapter 20: Leadership: Motivating Change Within Organizations
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Q1) Which of these is a drawback of logrolling?
A)Nobody wins in the long run.
B)All other proposals get support only after yours gets support.
C)Your proposal will be supported only after all other proposals get supported.
D)Once you support someone's proposal,they can turn their back on yours.
Q2) Which one of the following is a source of organizational power?
A)Vision setting
B)Having an appetite for risk
C)Work experience
D)Having close friends and allies
Q3) "Laying the groundwork" before introducing a proposal means:
A)being able to market the proposal to those employees who will be affected by it.
B)beginning to build facility before the ratification of the proposal so that the company cannot back away.
C)looking for alternative proposals that can be implemented.
D)calculating monitoring costs before implementation.
Q4) What are the three issues related to proposal design?
Q5) What are the two tasks of good leaders?
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Q6) Why is academic decision making different from decision making within firms?
Chapter 21: Understanding the Business Environment: the Economics of Regulation
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Q1) In parts of Eastern Europe,companies maintain special guards to protect payday funds,to help move products to market,and to enforce immediate payment for products sold to retailers.All of these features indicate:
A)that property rights are respected and transaction costs are low.
B)that property rights are weak and transaction costs are low.
C)that property rights are weak and transaction costs are high.
D)that property rights are respected and transaction costs are high
Q2) A monopolist sets prices above the competitive price and output below the competitive output level.Some customers are willing to pay more than marginal cost,yet do not receive the product.Thus:
A)not all gains from trade are exhausted.
B)all gains from trade are exhausted.
C)it is clear that monopolists do not maximize profits.
D)it is clear that monopolists experience decreasing returns to scale.
Q3) The problem generally associated with public goods is:
A)self-selection.
B)adverse selection.
C)moral hazard.
D)free-riding.
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Chapter 22: Ethics and Organizational Architecture
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Q1) The expected level of shirking or opportunistic behavior by an agent:
A)can always be determined accurately.
B)is always less than zero.
C)is always zero.
D)is always greater than zero.
Q2) Informational asymmetry in constructing a contract between a buyer and a seller can lead the seller to:
A)improve the quality of the product.
B)lower the price of the product.
C)focus on ethical codes of conduct.
D)make a perfect contract.
Q3) Value maximization leads to predictable resource misallocation when the firm:
A)operates in a competitive market.
B)buys inputs from a monopsonist.
C)has monopoly power in the market.
D)sets price below long-run marginal cost.
Q4) Corporate social responsibility may require changing the mission of the company to a 'constrained' wealth maximization.Is it possible for a few firms in the marketplace to shift their objective functions in this way? Why?
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Chapter 23: Organizational Architecture and the Process of Management Innovation
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Q1) "Market forces determine the success of any management innovation".Do you agree?
Q2) If costs rise more quickly than quality,then firm value will:
A)be maximized before total quality is achieved.
B)be minimized before total quality is achieved.
C)be maximized after total quality is achieved.
D)always decline.
Q3) A key factor in TQM is the:
A)reduction of defects.
B)reliance on unskilled workers.
C)reduction in the prices of supplies.
D)reliance on simple production techniques.
Q4) Just-in-time production and inventory control can result in:
A)a fall in inventories and an increase in efficiency.
B)excess inventories that mess up production schedules.
C)a lack of coordination between suppliers and retailers.
D)decreased risk bearing on the part of retailers.
Q5) Evidence suggests that many businesses may waste millions of dollars a year on quality-improvement strategies that don't improve their performance and may even hamper it.Based on this,evaluate the practice of management innovation in architecture critically.
Page 25
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