Economics MCQs

1. The process of translating broad strategic goals and plans into specific goals and plans relevant to a particular portion of the organization is known as (Points : 1)         strategic planning.        operational planning.        tactical planning.        contigency planning.        synergy.

2. Managers who optimize their decisions will attempt to choose (Points : 1)         the first minimally acceptable alternative.        among those alternatives with known results.        the least expensive alternative.        that alternative that produces the least conflict.        an alternative that achieves the best possible balance among several goals.

3. The three levels of planning are (Points : 1)         strategic, business and operational.        strategic, synergistic and operational.        strategic, tactical and operational.        visionary, strategy and operational.        None of the above

4. The final stage in the decision-making process is (Points : 1)         anticipating the results.        diagnosing the problem.        evaluating alternatives.        criteria analysis.        evaluating the decision.


5. A set of procedures for making decisions about the organization’s long-term goals and strategies is called (Points : 1)         a mission statement.        a vision statement.        strategic planning.        tactical planning.        operational planning.

6. Discounting the future refers to (Points : 1)         valuing long-term benefits at the cost of short-term benefits.        failing to consider inflationary costs.        underestimating the short-term effects of a decision.        valuing short-term benefits more heavily than long-term benefits.        failing to consider the effects of new entrants into the industry.

7. Stakeholders are (Points : 1)         those who are affected by an organization.        those who might affect an organization.        those who own an organization.        those who work in an organization.        All of the above

8. When a company tries to be unique in its industry or market segment along dimensions that customers value, it is using ______________ strategy. (Points : 1)         differentiation        diversification        dimensional issue        demand/supply        dimensional studies


9. SWOT analysis includes (Points : 1)         opportunites.        worst-case scenarios.        situations.        time.        obstacles.

10. The initial step in the decision making process is to (Points : 1)         select an alternative.        evaluate the decision.        implement the decision.        generate alternatives.        identify the problem.


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