Quiz_ Ch 01 HW_ Managers and Economics

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School

University Of Denver *

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4290

Subject

Business

Date

Jun 12, 2024

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pdf

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Uploaded by Deacon_Rose_Jackal10

Ch 01 HW: Managers and Economics Started: May 8 at 8:04am Quiz Instructions  Question 1 1 pts  Question 2 1 pts  Question 3 1 pts Basic principles that comprise good management include: recognizing the nature and importance of profits All of the options are correct identifying goals and constraints understanding incentives Which of the following is incorrect? Managers should only be interested in accounting profits. Economic costs include not only the accounting costs but also the opportunity costs of the resources used in production. Accounting profits do not take opportunity cost into account. Accounting profits generally overstate economic profits. What is the main role of economic profits? To help consumers cover their opportunity cost

 Question 4 1 pts  Question 5 1 pts  Question 6 1 pts To help firms cover their production costs To signal where resources are most highly valued None of the options are correct. To an economist, maximizing profit is: maximizing the value of the firm. minimizing the future risks. minimizing the permanent total costs. maximizing the current year's profits. According to the five forces framework, sustainable industry profits depend upon: the power of buyers the power of input suppliers. the degree of industry rivalry. substitutes and complements All of the statements associated with this question are correct. industry entry conditions. The additional benefits that arise by using an additional unit of the managerial control variable is defined as the:

 Question 7 1 pts  Question 8 1 pts  Question 9 1 pts opportunity cost present value of benefits marginal benefit total benefit The additional cost incurred by using an additional unit of the managerial control variable is defined as the: net benefit net cost total cost marginal cost In order to maximize net benefits, firms should produce where: total benefits equal total costs. marginal benefits equal marginal costs. marginal cost is minimized. profits are zero. At any given level of output Q, if marginal benefits exceed marginal costs, it is profitable to: All of the statements associated with this question are correct.

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