Part A

1.

In a specified year, nominal gross domestic product grew by 12 percent and real gross domestic product grew by 5 percent.

What would be the inflation rate for this year?

7%

-7%

8%

17%

2.

If the central bank opts to lower the reserve requirement, which of the following would likely happen?

The rate of consumer saving will increase

Firms would be more encouraged to purchase more factories and equipment

The budget deficit will increase

Inflation and unemployment will both increase

3.

Consider the following table indicating the number of labor hours required in Countries T and J to produce one unit of clothing or one unit of food.

Country Clothing Food

T 60 hours 30 hours

J 30 hours 20 hours

Which of the following statements is correct?

J has a comparative advantage in both clothing and food production

T has a comparative advantage in both clothing and food production

J has a comparative advantage in clothing production, while T has a comparative advantage in food production

T has a comparative advantage in clothing production, while J has a comparative advantage in food production

4.

According to the law of diminishing marginal utility, which of the following choices is true?

When marginal utility is decreasing, total utility will always decrease.

Total satisfaction of a good or service decreases as more units are consumed.

The additional satisfaction received from consuming extra units of a good or service decreases as consumption of the good or service increases.

The additional satisfaction received from consuming extra units of a good or service increases as consumption of the good or service increases.

5.

Consumers perceive coffee and tea as substitutes.

How would a decrease in the supply of coffee affect the market for tea?

Increasing the supply for tea, ultimately increasing the price of tea as well

Decreasing the demand for tea, ultimately decreasing the price of tea as well.

Increasing the demand for tea, ultimately increasing the price of tea as well

Decreasing the supply for tea, ultimately decreasing the price of tea as well

6.

A profit-maximizing firm is perfectly competitive and is at long-run equilibrium. The output of the firm is 200 units, the total revenue is $1,200.00, and the fixed cost of production is $100.00.

Based on the information given, which of the following applies for the firm?

The firm's marginal cost is $6.00, while the firm's average variable cost is $5.50

The firm's marginal cost is $6.00, and the firm's average total cost is $5.50

The firm's marginal cost is $5.50, while the firm's average total cost is $5.50

The firm's marginal cost is $6.00, and the firm's average fixed cost is $5.50

7.

A bakery firm has an average variable cost of $70, an average fixed cost of $60, and a marginal cost of $130. The bakery prices its product at $130.

Which of the following statements is applicable for the bakery firm?

Economic profits are zero because the firm's marginal revenue is equal to marginal cost

Economic profits are positive because the firm's total revenue is greater than total cost

Economic profits are zero because the product price is equal to the firm's average total cost

Economic profits are negative because the product price is greater than the firm's average variable cost

8.

Which of the following is more likely to determine the probability of a type I error?

The sample size

The researcher

The degree of falsity of the null hypothesis

None of the above

9.

A government imposition of price ceilings on natural gas would cause:

A decrease in individual's dependence on private vehicles for transportation

Producers of natural gas to generate higher profits

A shortage of natural gas

The replacement of coal as an energy source by natural gas

10.

Which of the following is NOT a reason why the cost of recycling is high?

Transport and processing costs of recycling are costly

Recycle processing factories are not near cities where most waste is generated

Costs of recycling labor are high

Individuals find recycling inconvenient

Part B

1.

The role of managers in an organization is to...

Monitor the performance of the company and its employees

Develop an overall vision for the organization

Act as a substitute for underperforming employees

All of the above

2.

What is the proper definition of corporate governance?

Promoting the profitability of the organization's operations

Establishing a clear chain of command across the organization

Following and implementing ethical guidelines across the organization

Decentralizing all actions involving the decision-making process

3.

Which of the following is not considered to be a part of the steps needed for reducing organizational resistance to change?

Gaining the support of key figures

Celebrating milestones and successes towards achieving goals

Initiating communication to highlight present issues

Implementing rules to compel change

4.

What is the proper term for the regular monitoring of employee performance and progression?

Performance assessment

Fixed term assessment

Quarterly assessment

Skills-based assessment

5.

What is the term for the deliberate assessment of internal and external factors that can affect the organization?

Long-term evaluation

Short-term evaluation

Environmental scanning

Macro-scanning

6.

The amount of time in excess of the deadline without causing delays is called...

Slack

Overtime

Extension

Free ball

7.

What is the term for manufacturing that involves near equal supply and demand to avoid losses?

Profile management

Just-in-time

Pareto

Portfolio management

8.

Which of the following is not considered as a part of the stages of team development?

Storming

Norming

Trooping

Forming

9.

Emotional intelligence is considered to have the following dimensions, except for...

Self-awareness

Self-questioning

Social awareness

Relationship management

10.

What is the tool that shows the overview of the task schedules?

Loki chart

Gantt chart

Scrum chart

Prince chart

Part C

1.

The theory that follows the concept that the greatest amount of good should serve the greatest amount of people is known as ______.

consequentialism

deontology

normative ethics

utilitarianism

2.

The triple bottom-line is composed of people, planet and ____.

product

price

profit

purchases

3.

Which of the following is not part of what is known as the factors of production?

land

human resources

products

entrepreneurs

4.

All are examples of the advantages of a corporation, except:

Tax incentives

Independence of decision-making

Limited liability

Transferable ownership

5.

The following are types of non-verbal communication, except:

talking over the phone.

nodding.

raising hands.

making eye contact

6.

Good questions lead to better understanding of information. Which form of asking questions is a good practice?

Cross-examination questions

Probing

Leading questions

Any form of questions

7.

Difficult conversations frequently occur in the workplace. Which of the following helps in overcoming difficult conversations?

Be honest

Ignore the other party

Disagree politely

Force one's opinion over the other

8.

Effective writing styles involves the application of techniques. Which is not an effective technique for writing?

Proofreading

Writing lengthy texts

Simplifying the texts in bullets

Controlling the paragraph length

9.

Which of the following is an element of the marketing mix?

Budget

Organization

Plan

Product

10.

The marketing funnel is a graphical representation of the customer conversion process. A customer who decides to purchase the product as long as it is available in the market demonstrates

consideration

intent

loyalty

purchase