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KEY972S - BUSINESS 702 MANAGERIAL ECONOMICS SECOND EXAM KEY...

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BUSINESS 702 SECOND EXAM KEY SPRING 1997 MANAGERIAL ECONOMICS MULTIPLE CHOICE QUESTIONS (50 pts, 2pt each) 1. A forecast method based on the informed opinion of several individuals is called: A. personal insight. > B. panel consensus. C. the Delphi method. D. qualitative analysis. 2. A rhythmic annual pattern in sales or profits is called: > 3. Growth trend analysis assumes: A. constant unit change over time. B. irregular percentage change over time. C. sporadic unit change over time. > D. constant percentage change over time. 4. Economic relations that are true by definition are called: > 5. Lagging economic indicators include: A. personal income. B. the change in stock prices. C. orders for new plant and equipment. > D. the average duration of unemployment. 6. The maximum output that can be produced for a given amount of input is called a: > 7. The output effect of a proportional increase in all inputs is called: > A. returns to scale. B. returns to a factor. C. total product. D. marginal product. 8. As the quantity of a variable input increases, the resulting rate of output increase eventually: > 9. Ridge lines identify the: >
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2 10. Economic efficiency is achieved when all firms equate the marginal: > 11. The amount paid under prevailing market conditions is: A. historical cost. B. opportunity cost. > C. current cost. D. replacement cost. 12. The change in cost caused by a given managerial decision is: > 13. Costs that do not vary across decision alternatives are: > 14. A cost-output relation for a specific plant and operating environment is the: >
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