Question: The profit-maximizing firm equates the marginal benefit of labor to the marginal ________.
Answer Choices:
units of labor
cost of labor
profit
production
Answer: cost of labor
Question: The slope of the Production Possibility Curve shows the ________.
Answer Choices:
opportunity cost
economic cost
accounting cost
economic growth
Answer: opportunity cost
Question: Which of the following statements best describes the difference between line managers and staff managers?
Answer Choices:
Line managers are responsible for achieving organization goals, while staff managers are not responsible or directly involved in achieving such goals.
Line managers are directly in charge of the production and delivery of products, while staff managers deal solely with managing human resources.
Line managers are directly in charge of the production and delivery of products and services, while staff managers are in charge of support activities.
Line managers have the authority to make decisions and have subordinates, while staff managers are subordinate to the managers and have limited authority.
Answer: Line managers are directly in charge of the production and delivery of products and services, while staff managers are in charge of support activities.
Question: Retaining employees is important because employee turnover can cost a company ________ a worker’s entire annual salary.
Answer Choices:
half
the equivalent of
1.5 to 2.5 times
2.5 to 3.5 times
Answer: 1.5 to 2.5 times
Question: What does the median voter theorem explain?
Answer Choices:
how income can be redistributed from the rich to the poor
why most government programs benefit the middle class
why voter turnout is low, even in areas of well-educated voters
which government programs benefit the extremes of society
Answer: why most government programs benefit the middle class
Question: Which of the following is NOT a category of barriers to interpersonal communication?
Answer Choices:
environmental factors, such as a noisy environment
transmission problems, such as telephone static
informational factors, such as overloading messages
informal communication networks, such as the grapevine
Answer: informal communication networks, such as the grapevine
Question: What event heralded the onset of behavioral theories of leadership in the United States?
Answer Choices:
World War I
World War II
The Korean War
The Vietnam War
Answer: World War I
Question: Ignoring market and internal forces can most certainly lead to organizational death.
Answer Choices:
True
False
Answer: True
Question: Elissa is a mediator whose job is to arbitrate negotiations between unions and corporations. What kind of power does Elissa have?
Answer Choices:
boundary-spanning power
referent power
closeness over production
tactical power
Answer: boundary-spanning power
Question: Another term for division of labor is ________.
Answer Choices:
exchange
equilibrium
specialization
growth
Answer: specialization
Question: Liam owns a herd of cows in a market-based, mixed-economy nation. Accordingly, which of the following statements is TRUE?
Answer Choices:
Liam owns the herd, but he must follow government regulations.
Liam’s decisions about his herd are based on his social community’s customs and beliefs.
Liam must turn all control of production and distribution of the herd over to his government.
Answer: Liam owns the herd, but he must follow government regulations.
Question: Of the following goals, which is considered to be the most crucial for leaders who want to succeed at team-building?
Answer Choices:
Build trust among members.
Reduce personal conflict inside a group or team.
Develop effective channels of communication among members.
Increase affective support between members.
Answer: Build trust among members.