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survey of economics

Questions and Answers of Survey Of Economics

5. What are the major theories of economic development?
4. What are the major characteristics and institutions of developing countries?
3. What is the history of economic development? How have developing countries performed economically in the last half century?
2. What is the meaning of economic development and economic growth?
1. How do the poorest two-thirds of the world live?
How might a favorable location in the interpersonal networks within a firm help an individual acquire and maintain additional bases of power?
How often should firms undergo reorganization? Should a unit be reorganized whenever its leadership changes? Should there be regular reorganizations every few years?Or should major restructurings be
Many of the most pressing organizational issues attracting public attention today seem to concern government agencies, especially those with responsibilities for preventing man-made disasters and
The “#1 or #2; Fix, Sell, or Close” rule was one of the most memorable aspects of Jack Welch’s corporate strategy at GE. (Business units needed to achieve a #1 or #2 market share; if not, they
Is is possible to organize too much or too little to meet the needs of the environment?This would be a case of strategic misfit. How would you know if a misfit has occurred? Think of an example of
What types of structures would a firm consider if it was greatly expanding its global operations? What types of organizing problems would it be most likely to encounter?
A team of six individuals must fold, stuff, seal, and stamp 250 preaddressed envelopes.Offer some suggestions for organizing this team. Would your suggestions differ if the team was responsible for
Erik Prenzler is the sole owner and president of Prenzler Outdoor Media, a billboard advertising firm based in Bloomington, Illinois. Prenzler’s primary local competitor is Lamar, which is a
Giganticorp, a large conglomerate, has just acquired Nimble, Inc., a small manufacturing concern. Putting yourself in the shoes of Nimble’s employees, what concerns do you have about the implicit
In February 2013, Yahoo CEO Marissa Mayer famously announced that employees would no longer be allowed to work from home. “Speed and quality are often sacrificed when we work from home,” an
Suppose that Minot Farm Equipment Corporation employs two salespeople. Each covers an exclusive territory; one is assigned to North Dakota and the other to South Dakota. These two neighboring states
While in principle it is feasible for business schools to write explicit pay-for-performance contracts with professors, this is rarely done. Identify the drawbacks of the following performance
Firms often use quotas as part of compensation contracts for salespeople. A quotabased contract may stipulate, for example, that the salesperson will receive a $10,000 bonus if yearly sales are $1
Regulated firms, such as electric utilities, typically have limited discretion over the prices they charge. Regulators set prices to guarantee a fixed return to the firm’s owners after gathering
Suppose that a firm offers a divisional manager a linear pay-for-performance contract based on the revenues of the division the manager leads. The manager’s pay includes a fixed yearly salary F and
Suppose that you were granted a “risky job” of the type examined in this chapter.The job pays $40,000 with probability 12 and $160,000 with probability 12. What is your certainty equivalent for
The present value of the stream of monopoly profits from this design is thought to be $500 million. Enginola (which is currently in a completely different segment of the microprocessor market from
IQ, Inc., currently monopolizes the market for a certain type of microprocessor: the
Two incompatible high-resolution audio formats, Super Audio CD (SACD) and DVD Audio (DVDA), were introduced in 2000. Both offered surround-sound music at a quality that approaches the original studio
Coke and Pepsi have sustained their market dominance for nearly a century.General Motors and Ford were hard hit by competition and never fully recovered.What is different about the product/market
How might you perform a “risk adjustment” of Consumer Reports automobile reliability ratings?
When report cards are noisy, high-quality sellers can sometimes receive low rankings.Sellers complain that this is unfair. But is it necessarily bad for consumers?
Some companies that begin with a focus strategy eventually abandon that strategy as they grow. A good example is JetBlue, which initially had a geographic focus on the northeastern portion of the
A consumer’s maximum willingness-to-pay, B, reflects the consumer’s tastes and his/her income or wealth constraints—that is, one consumer may have a higher willingnessto-pay for a good than
Recall from Chapter 2 Adam Smith’s dictum “The division of labor is limited by the extent of the market.” How does market growth affect the viability of a focus (i.e., niche) strategy?
Identify successful firms that offer good but not outstanding products at reasonable but not especially low prices. Do these firms disprove Porter’s ideas about being“stuck in the middle”?
The following table summarizes information about U.S. pancake syrup products:Brand Average Consumer Willingness-to-Pay(Cents/Ounce)Price(Cents/Ounce)Average Costs(Cents/Ounce)Hungry Jack 20 15 14
Two firms, Alpha and Beta, are competing in a market in which consumer preferences are identical. Alpha offers a product whose benefit B is equal to $75 per unit.Alpha’s average cost C is equal to
This chapter describes the importance of B – C in a competitive industry. Is B – C equally important in other market structures?
Comment on the following: All of wisdom contained in the five-forces framework is reflected in the economic identity Profi t = (Price – Average Cost) × Quantity
Why does Sutton’s model apply so well to consumer goods markets? Does Sutton’s model describe the structure of other markets?
Which of the following are examples of real options?a. A basketball team owner delays signing a star free agent to a one-year contract, preferring to wait and see if his team is in contention for a
Indicate whether the strategic effects of the following competitive moves are likely to be positive (beneficial to the firm making them) or negative (harmful to the firm making them).a. Two
Some firms offer “most favored customer” (MFC) agreements in which new discounts offered to future customers are applied retroactively to existing customers. Explain why these agreements
Embraer must pay an exorbitant penalty if it breaches the contract.c. The 1960s movie Fail Safe was made during an era when many feared a nuclear holocaust. In the film, an errant U.S. bomber plane
Which of the following are examples of commitments? Which are strategic commitments?What response is each strategic commitment likely to elicit?a. Fiat announces its intention to build an
Zellers and Walmart are two of Canada’s largest retailers. To reflect the strong position of the Canadian dollar, each firm is considering lowering prices on some goods in Canadian stores. The
In the Cournot model (see Chapter 5), the revenue destruction effect limits the willingness of firms to expand output. In the Stackelberg model, the firm that moves first produces more than it does
Suppose that an entrepreneur considered opening a video store along Straight Street in Linesville.Where should the entrepreneur position the store? Does your answer depend on whether further entry is
Recall the discussion of monopolistic competition in Chapter
In most models of entry deterrence, the incumbent engages in predatory practices that harm a potential entrant. Can these models be reversed so that the entrant engages in predatory practices? Why do
Dunne, Roberts, and Samuelson examined manufacturing industries in the 1960s to 1980s. Do you think that technological changes since that time will have affected entry and exit patterns? What
How do you think the equilibrium in question 15 will change if cross-price elasticities of demand increase? How would you alter the equations to show such an increase? Can you compute the new
The dancing machine industry is a duopoly. The two firms, Chuckie B Corp. and Gene Gene Dancing Machines, compete through Cournot quantity-setting competition.The demand curve for the industry is P =
“The only way to succeed in a market with homogeneous products is to produce more efficiently than most other firms.” Comment. Does this imply that efficiency is less important in oligopoly and
The following are the approximate U.S. market shares of different brands of soft drinks: Coke—45%, Pepsi—30%, Dr. Pepper/7-Up—15%, all other brands—10%.a. Compute the Herfindahl for the
How does industry-level price elasticity of demand shape the opportunities for making profit in an industry? How does the firm-level price elasticity of demand shape the opportunities for making
In a recent antitrust case, it was necessary to determine whether grocers that specialize in natural and organic foods, such as Whole Foods and Wild Oats, constitute a separate market. How would you
Why are the concepts of own and cross-price elasticities of demand essential to competitor identification and market definition?
The following is an excerpt from an actual strategic plan (the company and product name have been changed to protect the innocent):Acme’s primary raw material is PVC sheet that is produced by three
What do the keiretsu and chaebol systems have in common with traditional strategic alliances and joint ventures? What are some of the differences?
Suppose you observed a hostile takeover and learned that the aftermath of the deal included plant closings, layoffs, and reduced compensation for some remaining workers in the acquired firm. What
Most people rely on implicit contracts in their everyday lives. Can you give some examples? What alternatives did you have to achieve the desired outcome?
Chapter 1 discussed the history of the vertically integrated corporate giants of the early twentieth century. Use the concepts in this chapter to explain why firms facing the following conditions are
In many modern U.S. industries the following patterns seem to hold:(a) Small firms are more likely to outsource production of inputs than are large firms;(b) “Standard” inputs (such as a simple
Chapter 1 discussed the history of the vertically integrated corporate giants of the early twentieth century. Use the concepts in this chapter to explain why firms facing the following conditions are
In many modern U.S. industries the following patterns seem to hold:(a) Small firms are more likely to outsource production of inputs than are large firms;(b) “Standard” inputs (such as a simple
A supplier of metal aluminum serving a Coca-Cola bottler in a large country in Latin America builds a plant along with associated production equipment at an annualized investment cost of $20 million
Suppose that Arnold Schwarzenegger (AS) pays Besanko, Dranove, Shanley, and Schaefer(BDS2) an advance of $5 million to write the script to Incomplete Contract, a movie version of their immensely
“Influence activities happen in everyday life, in households, schools, and even among close friends.” Can you give examples to support this statement?
Universities tend to be highly integrated—many departments all belong to the same organization. There is no technical reason why a university could not consist of freestanding departments linked
In Spring 2012, Delta Air Lines purchased an oil refinery from Phillips 66, the downstream business spinoff of ConocoPhillips. The purchase, made by Delta’s subsidiary, Monroe Energy LLC, for $150
A manufacturer of pencils contemplates backward integration into the production of rapeseed oil, a key ingredient in manufacturing the rubberlike material (called factice)that forms the eraser.
Describe the vertical chain for the production of motion pictures. Describe the extent of vertical integration of the steps in this chain.
In rapidly developing economies—such as India and South Korea—conglomerates are far more common than they are in the United States and western Europe. Use the BCG growth/share matrix to explain
U.S. and European bricks-and-mortar retailing is increasingly becoming dominated by “hypermarts,” enormous stores that sell groceries, household goods, hardware, and other products under one
You are the manager of the “New Products” division of a firm considering a group of investment projects for the upcoming fiscal year. The CEO is interested in maximizing profits and wants to
How does the globalization of the economy affect the division of labor? Can you give some examples?
Some firms seem to last forever. (For an extreme example go to www.hbc.com.) In some industries, however, even the most effective firms may expect short lifetimes(lawn crews; Thai restaurants). Size
Fifteenth-century Florence was the birthplace of the Renaissance, home to artists such as Donatello, Botticelli, and Michelangelo. Why did so many great artists emerge from just this one city-state?
If nineteenth-century Americans had had the benefit of modern technology as they expanded westward, would Chicago, with its close access to the Great Lakes and Mississippi River system, still have
How would John Burrows’s life have been different if he had access to the Internet?What if his contemporary farmers and retailers also had had access to the Internet?
What was the role of the factor in the mid-nineteenth-century economy? Does such a role exist in the modern economy?
=+d A report indicates that Japanese cars last much longer than previously thought, especially compared with American cars.
=+b. The United States imposes some import tariffs on Japanese goods.
=+a. Japan relaxes some of its import restrictions.
=+14. Suppose the United States and Japan are the only two trading countries in the world. What will happen to the value ofthe US. dollar ifthe following occur, other things equal?
=+” How do you respond?
=+33. Your study partner asks you, “If central banks lose the ability to use discretionary monetary policy under fixed exchange rates, why would nations agree to a fixed exchange rate system?
=+c. How will the exchange rate change in each of the three countries affect their exports to the United States?
=+b. By how much did each of these three currencies appreciate and depreciate against the U.S. dollar?
=+a. Using the most current data available, how has the exchange rate changed for Mexico, the United Kingdom, and Switzerland?
=+12. EF acess the Discovering Data exercise for Chapter 33 online to answer the following questions.
=+If the Albernian central bank tries to keep the exchange rate fixed using monetary policy, how will this affect the Albernian economy?Exchange rate 5 qs. dollars per bern)1.50 O ° Quantity of
=+How would this affect the diagram?
=+are big risks in holding Albernian assets; as a result, they become unwilling to hold Albernian assets unless they receive a higher rate of return on them than they do on U.S. assets.
=+Initially, the foreign exchange market for the bern is also in equilibrium, as shown in the accompanying diagram. However, both Albernians and Americans begin to believe that there
=+ 11. Suppose that Albernia’s central bank has fixed the value of its currency, the bern, to the USS. dollar (at a rate of US$1.50 to 1 bern) and is committed to that exchange rate.
=+ how must a government react to an increase in the demand for the nation’s goods and services by the rest of the world to keep the exchange rate at its fixed value?
=+10. Starting from a position of equilibrium in the foreign exchange market under a fixed exchange rate regime,
=+dollar rises from US$0.60 to USS0.75.
=+d. Inflation is 8% in the United States and 4% in Canada; the price of the Canadian
=+¢. Inflation is 5% in the United States and 3% in the euro area; the price of the euro falls from $1.30 to $1.20.
=+b. Inflation is 3% in the United States and 8% in Mexico; the price of the U.S.dollar falls from 12.50 to 10.25 Mexican pesos.
=+a. Inflation is 10% in the United States and 5% in Japan; the U.S. dollar—Japanese yen exchange rate remains the same.

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