Midterm Questions Flashcards
What is the difference between a command economy and a market economy?
A command economy relies on centralized government control of the factors of production, while in a market economy supply and demand determine production and allocation decisions.
An organization’s “chain of command” illustrates ________, while the “organization chart” illustrates ________.
Answer: E) reporting relationships; the company’s structure
Regarding “success”, according to Michael Porter, having a clear strategy is about _______________________.
Answer: D) making long term choices to deliver a unique value proposition to the target customers they are attempting to serve.
Which level of managers is responsible for a firm’s overall performance and for developing strategy
and long-range/long-term plans for an organization?
A) Members of the Board of Directors
B) Middle level managers
C) Top level managers
D) Supervisors
E) Stockholders
c
Henry Mintzberg’s pioneering research on managers showed which of the following?
A) Managers work at an unrelenting pace.
B) Managers work under varying degrees of pressure, sometimes being very busy, and sometimes much
less busy.
C) Managers prefer written media.
D) Managers prefer historical data rather than “live action”.
E) Managers typically begin a task and then work on it until it is finished
a
The technical skills, human relations skills, and conceptual skills of managers ________________.
A) shift in their degrees of importance as management levels go from the bottom to the top of the
organization.
B) shift so that the technical skills become more important to the higher-level manager.
C) retain the same degree of importance as a manager progresses “up the organization ladder” to the
top.
D) shift so that the conceptual skills become less important to the higher-level manager.
E) shift so that human relations skills become more important than conceptual skills to the higher-level manager
a
