Change Managment
QUIZ #1
| 1. Business profit is: | A. the residual of sales revenue minus the explicit accounting costs of doing business B. a normal rate of return. C. economic profit. D. the return on stockholders' equity. | 2. In a free market economy, the optimal quality of goods and services is determined by: | A. workers. B. firms. C. government. D. customers 3. The optimal decision produces: A. maximum revenue. B. maximum profits. C. minimum average costs. D. a result consistent with managerial objectives. 4. An equation is: A. an analytical expressions of functional relationships. B. a visual representation of data. C. a table of electronically stored data. D. a list of economic data. 5. A dependent variable is: A. an X-variable determined separately from the Y-variable. B. a Y-variable determined by X values. C. a Y-variable determined prior to X values. D. a Y-variable determined with X values. 6. A demand curve expresses the relation between the quantity demanded and: A. income. B. advertising. C. price. D. all of the above.7. Change in the quantity demanded is: A. a movement along a single demand curve. B. an upward shift from one demand curve to another. C. a reflection of change in one or more of the nonprice variables in the product demand function. D. a downward shift from one demand curve to another.8. A supply curve expresses the relation between the quantity supplied and: A. technology. B. wage rates. C. price. D. all of the above.9. Change in the quantity supplied reflects a: A. change in price. B. switch from one supply curve to another. C. change in one or more nonprice
| 1. Business profit is: | A. the residual of sales revenue minus the explicit accounting costs of doing business B. a normal rate of return. C. economic profit. D. the return on stockholders' equity. | 2. In a free market economy, the optimal quality of goods and services is determined by: | A. workers. B. firms. C. government. D. customers 3. The optimal decision produces: A. maximum revenue. B. maximum profits. C. minimum average costs. D. a result consistent with managerial objectives. 4. An equation is: A. an analytical expressions of functional relationships. B. a visual representation of data. C. a table of electronically stored data. D. a list of economic data. 5. A dependent variable is: A. an X-variable determined separately from the Y-variable. B. a Y-variable determined by X values. C. a Y-variable determined prior to X values. D. a Y-variable determined with X values. 6. A demand curve expresses the relation between the quantity demanded and: A. income. B. advertising. C. price. D. all of the above.7. Change in the quantity demanded is: A. a movement along a single demand curve. B. an upward shift from one demand curve to another. C. a reflection of change in one or more of the nonprice variables in the product demand function. D. a downward shift from one demand curve to another.8. A supply curve expresses the relation between the quantity supplied and: A. technology. B. wage rates. C. price. D. all of the above.9. Change in the quantity supplied reflects a: A. change in price. B. switch from one supply curve to another. C. change in one or more nonprice