Question 

Question 1

The economic concept of "opportunity cost" is most closely associated with which of the following management considerations?

market structure

resource scarcity

product demand

technology

Question 2

Scarcity is a condition that exists when

there is a fixed supply of resources relative to the demand for the product.

there is a large demand for a product.

resources are not able to meet the entire demand for a product.

All of these

Question 3

A critical element of entrepreneurship (as opposed to managerial skills) is

leadership skills.

risk taking.

technology.

political skills.

Question 4

A large corporation's profit objective may not be profit or wealth maximization, because

stockholders have little power in corporate decision making.

management is more interested in maximizing its own income.

managers are overly concerned with their own survival and may not take all prudent risks.

All of these

Question 5

Unlike an accountant, an economist measures costs on a(n) ________ basis.

explicit

replacement

historical

conservative  

Question 

Question 1

The economic concept of "opportunity cost" is most closely associated with which of the following management considerations?

market structure

resource scarcity

product demand

technology

Question 2

Scarcity is a condition that exists when

there is a fixed supply of resources relative to the demand for the product.

there is a large demand for a product.

resources are not able to meet the entire demand for a product.

All of these

Question 3

A critical element of entrepreneurship (as opposed to managerial skills) is

leadership skills.

risk taking.

technology.

political skills.

Question 4

A large corporation's profit objective may not be profit or wealth maximization, because

stockholders have little power in corporate decision making.

management is more interested in maximizing its own income.

managers are overly concerned with their own survival and may not take all prudent risks.

All of these

Question 5

Unlike an accountant, an economist measures costs on a(n) ________ basis.

explicit

replacement

historical

conservative