ECO 550 Final Exam
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ECO 550 Final Exam

Course Number: ECO 550 ECO550, Summer 2012

College/University: Strayer

Word Count: 848

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User Course Test Started Submitted Status Score Time Elapsed Instructions Samantha Capasso Managerial Economics & Globali Final Exam 9/14/12 7:22 PM 9/14/12 8:45 PM Completed 260 out of 300 points 1 hour, 22 minutes out of 2 hours. Thisfinalexamconsistof30multiplechoicequestionsandcoversthe materialinchapters8through17.Therearethreequestionsfromeach chapterandthequestionsareinchapterorder.Besureyouareinthe...

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Capasso Managerial User Course Test Started Submitted Status Score Time Elapsed Instructions Samantha Economics & Globali Final Exam 9/14/12 7:22 PM 9/14/12 8:45 PM Completed 260 out of 300 points 1 hour, 22 minutes out of 2 hours. Thisfinalexamconsistof30multiplechoicequestionsandcoversthe materialinchapters8through17.Therearethreequestionsfromeach chapterandthequestionsareinchapterorder.Besureyouareinthe correctChapterwhenyoutaketheexam. Question 1 10 out of 10 points Which of the following factors affect vertical integration of firms? Answer Selected Answer: Question 2 10 out of 10 points In order to be successful as an innovator, a firm may require: Answer Selected Answer: Question 3 0 out of 10 points Which of the following contracts contain vertical restrictions that limit the transacting parties choices but create economic value? Answer Selected Answer: Question 4 10 out of 10 points According to economists, an individual who tries to derive utility from the consumption of a good without paying for it is called: Answer Selected Register to View Answerfree rider. Question 5 10 out of 10 points According to Coasian reasoning, if negotiation is costless: Answer Selected Answer: Question 6 0 out of 10 points Investments that are specific to a relationship (i.e. of lower value elsewhere) are considered risky and require: Answer Selected Answer: Question 7 10 out of 10 points Which of the following is a legal remedy for a breach of the contract between parties? Answer Selected Answer: Question 8 10 out of 10 points Which of the following examples can be associated with the task specificity aspect of an asset? Answer Selected Answer: Question 9 10 out of 10 points Which of the following contracts is considered selfenforcing? Answer Selected Answer: Question 10 10 out of 10 points Which of the following theories states that people who are highly risk-averse are less likely to engage in highrisk activities? Answer Selected Answer: Question 11 10 out of 10 points DTC contracts which prohibit buyers from inspecting diamonds in advance help to minimize: Answer Selected Answer: Question 12 10 out of 10 points Which of the following situations can lead to a winners curse? Answer Selected Answer: Question 13 10 out of 10 points A person acting as a supervisor as well as a residual claimant: Answer Selected Answer: Question 14 10 out of 10 points _____ is a property which distinguishes corporations from proprietorships and partnerships. Answer Selected Answer: Question 15 10 out of 10 points _____ legal and are contractual mechanism[s] for creating and operating a business for profit, using capital from investors that will be managed on their behalf by directors and officers. Answer Selected Answer: Corporations Question 16 10 out of 10 points The method of payment that a principal can use to elicit effort from an agent is called: Answer Selected Register to View Answercontract. Question 17 10 out of 10 points An information is beneficial to the decision-maker only when: Answer Selected Answer: Question 18 10 out of 10 points General Motors was able to gain advantage over Ford in the 1920s primarily because: Answer Selected Answer: Question 19 10 out of 10 points Coal producers cannot profit by acting opportunistically toward U.S. Steel because: Answer Selected Answer: Question 20 10 out of 10 points _____, uncertainty, and risk of opportunism are the three major reasons due to which U.S. Steel prefers to own its mines, enrichment facilities, and ore carriers. Answer Selected Answer: Transaction costs Question 21 10 out of 10 points If there is a low degree of uncertainty combined with a low degree of asset specificity, _____ will be efficient. Answer Selected Answer: Question 22 10 out of 10 points Options are less than perfect as instruments to induce better performance because: Answer Selected Answer: Question 23 10 out of 10 points In long-term job attachments, a workers wage: Answer Selected Answer: Question 24 10 out of 10 points A written contract between an employer and an employee creates value as long as: Answer Selected Answer: Question 25 10 out of 10 points Which of the following is a characteristic of a real option? Answer Selected Answer: Question 26 10 out of 10 points If events A and B are independent, then Pr[A and B] will be: Answer Selected Answer: Pr[A]Pr[B]. Question 27 10 out of 10 points Which of the following strategies are adopted by a business tycoon when the first new management of the purchased company fails? Answer Selected Answer: Question 28 10 out of 10 points A characteristic function is: Answer Selected Answer: Question 29 0 out of 10 points Terry wants to sell his car and the lowest price he is willing to accept is $3,000. Alice likes the car and is willing to pay at most $4,000 for it. They begin to negotiate to arrive at a price. Which of the following statements will be true? Answer Selected Answer: Question 30 0 out of 10 points Identify the public good in the following. Answer Selected Answer: Saturday, September 15, 2012 12:00:48 PM EDT
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