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ChELE > Engg Econ > Flashcards

Engg Econ Flashcards

1
Q

It is the analysis and evaluation of the factors that will affect the success of engineering projects to the end that a recommendation be made which will ensure the best use of capital.

A

Engg Economy

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2
Q

it is an economic or a market situation in which only a SINGLE SELLER or producer supplies a commodity or a service.

A

Monopoly

“SINGLE” —MONO
“SELLER” —POLY

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3
Q

it is a market situation in which there are so FEW suppliers of a particular product that one supplier’s actions sianificantly impact prices and supply.

A

Oligopoly

“FEW” —OLIGO
“SELLER” —POLY

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4
Q

it is a market condition in which a product is traded freely by buyers and sellers in large numbers without any individual transaction affecting the price.

A

Perfect Competition

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5
Q

it is an economic or market situation in which a single consumer or buyer buys a commodity or a service from suppliers.

A

Monopsony

“BUYER” or “CONSUMER” — PSONY

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6
Q

it is an economic or market situation in which there are many sellers or producers that supplies a commodity or a service to very few consumers.

A

Oligopsony

“BUYER” or “CONSUMER” — PSONY

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7
Q

it is an economic system based on the private ownership of the means of production and distribution of goods, characterized by a free competitive market and MOTIVATION BY PROFIT

A

Capitalism

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8
Q

these are TANGIBLE things - things that you can touch - that satisfy human wants.

A

Goods

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9
Q

these are ACTIVITIES that people do for themselves or for other people to satisfy their wants.

A

Services

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10
Q

products or services that are required to SUPPORT HUMAN LIFE and activities, which will be purchased in somewhat the same quantity even though the price varies considerably.

A

Necessities

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11
Q

products or services that are DESIRED by humans and will be purchased if money is available after the required necessities have been obtained.

A
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12
Q

the quantity of a certain commodity that is BOUGHT at a certain price at a given place and time.

A

Quantity Demanded (Demand)

-nabili na

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13
Q

the quantity of a certain commodity that is offered FOR SALE at a certain price at a given place and time.

A

Quantity Supplied (Supply)

  • bibilhin palang
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14
Q

under conditions of perfect competition, the price at which a given product will be supplied and purchased is the price that will result in the supply and the demand being equal.

A

Law of Supply and Demand

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15
Q

when the use of one of the factors of production is limited, either in increasing cost or by absolute quantity, a point will be reached beyond which an increase in the variable factors will result in a less that proportionate increase in output.

A

Law of Diminishing Returns

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16
Q

interest on an investment that is calculated once per period, usually annually, on the amount of the capital alone and not on any interest already earned.

A

Simple Interest

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17
Q

Nominal rate of interest is defined as the basic annual rate of interest while ________ is defined as the actual or the exact rate of interest earnec on the principal during 1 year period.

A

effective rate of interest

nominal -annual
ERI -exact

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18
Q

It refers to the difference between the future worth of a negotiable paper and its present worth.

It also refers to the sale of stock or share at reduced price.

A

Discount

  • may refer to the deduction from the published price of services or goods.
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19
Q

is defined as a series of equal payments occurring at equal interval of time.

A

Annuity

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20
Q

is a type of annuity where the payments are made it the end of each period beginning from the 1st teriod:

A

Ordinary Annuity

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21
Q

is a type of annuity where the payments are made at the beginning of each period starting from the 1st period

A

Annuity Due

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22
Q

is the type of annuity where the first payment is made later than the first or is made several periods after the beginning of the annuity.

A

Deferred Annuity

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23
Q

When an annuity does not have a fixed time span, but continues indefinitely then it is referred to as a _______

A

perpetuity

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24
Q

Acid test ratio is also called

A. quick ratio
B. income ratio
C. current ratio
D. profit ratio

A

a

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25
Q

Management is:

A. An art
B. Both science and art
C. A science
D. Neither art nor science

A

a

26
Q

Engineering is:

A. An art
B. Both science and art
C. A science
D. Neither art nor science

A

C

27
Q

Engineers can become good managers only through

A. Experience
B. Taking master’s degree in management
C. Effective career planning
D. Trainings

A

c

28
Q

If you are an engineer wanting to become a manager, what will you do?

A. Develop new talents
B. Acquire new values
C. Broaden your point of view
D. All of the above

A

D

29
Q

When an engineer enters management, what is the most likely problem he finds difficult to acquire?

A. Learning to trust others
B. Learning how to work through others
C. Learning how to take satisfaction in the work of others
D. All of the above

A

d

30
Q

What management functions refer to the process of anticipating problems, analyzing them, estimating their likely impact, and determining actions that will lead to the desired outcomes and goals?

A. Planning
B. Leading
C. Controlling
D. Organizing

A

a

31
Q

What refers to establishing interrelationships between people and things in such a way that human and material resources are effectively focused toward achieving the goal of the company?

A. Planning
B. Leading
C. Controlling
D. Organizing

A

D

“effectively focused toward achieving the goal of the company”

32
Q

What management function involves selecting candidates and training personnel?

A. Organizing
B. Staffing
C. Motivating
D. Controlling

A

B

33
Q

What management function involves ORIENTING personnel the most effective way and channeling resources?

A. Directing
B. Planning
C. Organizing
D. Leading

A

A

34
Q

Actual performance normally is the same as the original plan and therefore it is necessary to check for deviation and to take CORRECTIVE ACTION.

This action refers to what management function?

A. Organizing
B. Planning
C. Controlling
D. Staffing

A

C

35
Q

What refers to management function which is to encourage others to FOLLOW the EXAMPLE SET commitment for them, with great commitment and conviction?

A. Staffing
B. Motivating
C. Controlling
D. Leading

A

D

36
Q

What refers to a principal function of lower management which is to instill in the workforce a commitment and ENTHUSIASM for pursuing the goals of the organization?

A. Directing
B. Motivating
C. Staffing
D. Controlling

A

B

37
Q

What refers to the collection of the tools and techniques that are used on a predefined set of inputs to produce a predefined set of outputs?

A. Project Management
B. Engineering Management
C. Management
D. Planning

A

A

38
Q

Which is NOT an element of project management process?

A. Data and information
B. Research and development
C. Decision making
D. Implementation and action

A

B

Research and Development is a Department not an element

39
Q

what is the most essential attribute of a project manager?

A. Leadership
B. Charisma
C. Communication skill
D. Knowledge

A

A

40
Q

In project management, what provides a simple yet effective means of monitoring and controlling a project at each stage of its development?

A. R & D model
B. Project feasibility
C. Life cycle model
D. All of the above

A

C

41
Q

What project life cycle model is the most relevant for an information technology project?

A. Morris model
B. Waterfall model
C. Incremental release model
D. Prototype model

A

B

42
Q

In project management, “R &
D” stands for:

A. Retail Distribution
B. Research and Development
C. Repair and Develop
D. Reduce and Deduce

A

B

43
Q

In project management O & M stands for:

A. Operation and Manpower
B. Operation and Maintenance
C. Operation and Management
D. Operation and Mission

A

B

44
Q

A project manager must be very good in which of the following skills?

A. Communication skills
B. Human relationship skills
C. Leadership skills
D. All of the above

A

D

45
Q

Project integration management involves which of the following processes?

A. Project plan development
B. Project plan execution
C. Integrated change control
D. Quality planning

A

D

46
Q

Project quality management involves all of the following processes except:

A. Quality planning
B. Quality assurance
C. Quality Control
D. Quality feature

A

D

47
Q

Middle management level undertakes what planning activity?

A. Intermediate planning
B. Strategic planning
C. Operational planning
D. Direct planning

A

A

48
Q

Strategic planning is undertaken in which management level?

A. Lower management level
B. Middle management level
C. Top management level
D. Lowest management level

A

C

49
Q

What is the advantage of free-rein style of leadership?

A. Little managerial control and high degree of risk
B. Time consuming and cost ineffective
C. Little ideas from subordinate in decision-making
D. All of the above

A

A

50
Q

If you are appointed as a division manager, your first task is most likely to

A. Set goals
B. Determine the resources needed
C. Set a standard
D. Develop strategies and tactics

A

A

51
Q

What is defined as the process of planning, organizing, and controlling operations to reach objective efficiently and effectively?

A.General Management
B. Engineering Management
C. Production Management
D. Operations Management

A

D

52
Q

For a project manager to achieve his given set of goals through other people, he must have a good

A. Interpersonal skills
B. Communication skills
C. Leadership
D. Decision- making skills

A

A

53
Q

What type of conflict do managers encounter when there is disagreement on issues of territorial power or hidden agenda?

A. Technical opinion conflict
B. Politics
C. Ambiguous roles
D. Managerial procedure conflict

A

B

54
Q

The process of partitioning an organization into subunits to improve efficiency is known as

A. Division of labor
B. Segmentation
C. Departmentalization
D. Territorialization

A

C

55
Q

By departmentalization of an organization, it decentralizes

A. Authority
B. Responsibility
C. Accountability
D. All of the above

A

D

56
Q

What type of committee companies or corporations created for a short term purpose only?

A. Interim committee
B. Temporary committee
C. Standing committee
D. Ad hoc committee

A

D

57
Q

What refers to a description of whether the objectives are accomplished?

A. Efficiency
B. Effectiveness
C. Ability to manage
D. Decision- making ability

A

B

58
Q

An engineering is required to finish a certain engineering job in 20 days. He is said to be ________ if he finished the job within the required period of 20 days

A. Efficient
B. Effective
C. Reliable
D. Qualified

A

B

Effective- matapos work before or on the said date
Efficient- matapos work kahit kulang resources (nakatipid yung company)

59
Q

If an engineer provides less input (labor and materials) to his project and still come out with the same output, he is said to be more

A. Managerial skill
B. Economical
C. Effective
D. Efficient

A

D

60
Q

To determine a qualified applicant, the engineer manager will subject the applicant to a test that is used to measure a person’s current knowledge of a subject?

A. Interest test
B. Aptitude test
C. Performance test
D. Personality test

A

C

61
Q

What type of training is a combination of on-the-job training and experience with classroom instruction in particular subject?

A. On-the-job training
B. Vestibule school
C. Apprenticeship program
D. In-basket

A

C

ChELE (21 decks)

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