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Study Resources (Business Management)

1.              Outline the historical evolution of business social responsibility. 2.              What is the doctrine of caveat emptor? 3.              What are the six important business-related federal laws passed between 1887 and 1914? .
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    60. A company has improved its anti-virus program and has released a new version. Assume there is a 0.6 probability that the users of this anti-virus will upgrade the version in any particular year. That is, the upgrade year of the user is a geometric random variable. The revenue generated from.
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1.Think about the elements of Graeter’s business that have stayed the same over its long history and those that have changed.Do you think the company’s owners have chosen the right factors to change over time?Why or why not? 2.Which view of social responsibility does Graeter’s management appear to take—the economic view.
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1.Graeter’s uses information to track cash, sales revenue, and expenses on a daily basis. How does this type of accounting system encourage effective decision making and discourage store-level theft? 2.Which of the financial ratios might Graeter’s, as a small privately owned business, want to track especially closely? Why? 3.Graeter’s needed to raise.
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    57. A store is offering a discount on 800 pairs of basketball shoes. The amount of the discount varies and is not revealed to the customer until checkout. The distribution of discounts is given in the below table. Discount Rate (%)Number of Tags 5250 20220 35120 5080 6570 9060 Use the negative binomial distribution to approximate the average number.
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1.              TFThe definition of a service economy is an economy in which more effort is devoted to the production of goods to be used for services. 2.              TFWalmart and Target are often referred to as marketing intermediaries. 3.              TFProfit is the payment that business owners receive for assuming the considerable risks of.
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    57. A Manufacturing company introduces two product alternatives. The table below provides profit payoffs in thousands of dollars. ? ? Bet on State of Nature (Demand) ? Up Stable Down ? Product A 11 8 8 ? Product B 8 10 12 ? ? ? The probabilities for the state of nature are P(Up) = 0.35, P(Stable) = 0.35,.
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    41. Jasen Hansen is interested in leasing a sports-utility vehicle and has contacted three automobile dealers for pricing information. Each dealer offered Jasen a 24-month lease with no down payment due at the time of signing. Each lease includes a monthly cost, mileage allowances, and the cost for additional miles.
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    56. A manufacturing company introduces two product alternatives. The table below provides profit payoffs in thousands of dollars. ? ? ? Bet on State of Nature (Demand) ? Up Stable Down ? Product A 11 8 8 ? Product B 8 10 12 ? The probabilities for the state of nature are P(Up) = 0.35, P(Stable) = 0.35,.
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    49. Meega airlines decided to offer direct service from Akron to Clearwater Beach, Florida. Management must decide between full-price service using a company’s new fleet of jet aircraft and a discount-service using smaller capacity commuter planes. Management developed estimates of the contribution to profit for each type of service based.
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    54. Three decision makers have assessed payoffs for the following decision problem (payoff in dollars). ? Decision Alternative State of Nature s1 s2 s3 d1 15 40 –20 d2 60 80 –80 ? The indifference probabilities are as follows: Indifference Probability (p) Payoff Decision Maker A Decision Maker B Decision Maker C 80 Does not apply Does not apply Does.
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1.              What are the four phasesin the typical business cycle? 2.              At the time you are studying the material in this chapter, which phase of the business cycle do you think the U.S. economy is in? Justify your answer. 3.              How canthe government use monetary policy and fiscal policy to reduce the.
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1.              TFFree enterprise is a system of business in which individuals decide what to produce and how to produce it. 2.              TFLess than 50 percent of small businesses fail within the first five years. 3.              TFBusiness is the organized effort of individuals to produce and sell, for a profit, the products and.
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1.Graeter’s current management team—Richard, Robert, and Chip Graeter—took the business over from their parents, who did not have a formal succession plan in place to indicate who would do what.Do you think the current team should have such a plan specifying who is to step into the business, when, and.
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Today, many companies have a social media presence on Facebook, Twitter, Flickr, and other sites beyond their corporate website. Think of three of your favorite car companies and conduct a quick search using a search engine like Google or Yahoo! Then answer the following: 1.Name the social networks for each company. 2.Compare each.
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    31. A special case of sample information where the information tells the decision maker exactly which state of nature is going to occur is known as_____ information. a. perfect b. mutual c. conditional d. prior     32. _____ refers to the probability of one event, given the known outcome of a (possibly) related event. a..
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    21. The amount of loss (lower profit or higher cost) from not making the best decision for each state of nature is known as a. best payoff. b. opportunity loss. c. risk profile. d. utility.     22. The minimax regret approach is a. purely optimistic. b. purely conservative. c. both purely optimistic and purely conservative. d. neither purely optimistic nor.
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    58. An entrepreneur who operates a cellular phone store orders inventory of cell phones based on four internal memory specifications – 8 GB, 16 GB, 32 GB, and 64 GB. She wants to evaluate her inventory ordering policy for the phones with four different amounts of internal memory. Any phone unsold.
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    59. Translate the following monetary payoffs into utilities for a decision maker whose utility function is described by an exponential function with R = 6450: –$3000, –$1500, $0, $1500, $3000, $4500, $6000, $7500, $9000.   60. Consider an advertising company which has to decide on investing with the current team that has.
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    42. Jasen Hansen is interested in leasing a sports-utility vehicle and has contacted three automobile dealers for pricing information. Each dealer offered Jasen a 24-month lease with no down payment due at the time of signing. Each lease includes a monthly cost, mileage allowances, and the cost for additional miles.
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    59. A branded store has outlets around the world that generates profit in the British pound, the New Zealand kiwi, and the Japanese yen. At the end of each quarter, the store converts the revenue from these three international outlets back into U.S. dollars, exposing itself to exchange rate risk. The.
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1.              Describe the four resources that must be combined to organize and operate a business. 2.              What is the difference between a manufacturing business, a service business, and a marketing intermediary? 3.              Explain the relationship among profit, business risk, and the satisfaction of customers’ needs. .
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1.              Is competition good for business? Is it good for consumers? 2.              Compare the four forms of competition. 3.              What is the relationship between supply and demand? 4.              Explain how the equilibrium, or market, price of a product is determined. .
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1.              What is meant by business ethics? 2.              What are the different types of ethical concerns that may arise in the business world? 3.              Explain and give an example of how advertising can present ethical questions. .
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    55. Three decision makers have assessed payoffs for the following decision problem (payoff in dollars). ? ? Decision Alternative State of Nature s1 s2 s3 d1 15 40 –20 d2 60 80 –80 ? ? The indifference probabilities are as follows:Indifference Probability (p) Payoff Decision Maker A Decision Maker B Decision Maker C 80 Does not apply Does not apply Does.
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1.If you were a Graeter’s human resource executive, would you expect to do more internal recruiting or external recruiting for the company’s retail stores?Why? 2.Graeter’s controller believes the company “must be doing something right” because employee turnover is low.What are some of the factors that might be contributing to Graeter’s low.
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1.How might Graeter’s capitalize on its valuable capacity for word-of-mouth promotionin expanding to new markets where, despite some national publicity like the Oprah Winfrey Show, its name is still not widely known? 2.Graeter’s ice-cream line includes smoothies and sorbets.Do you think it should consider other brand extensions such as yogurt, low-fat.
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1.              Describe the six basic rights of consumers. 2.              What are the major forces in consumerism today? 1.              What is an affirmative action program? What is its purpose? 2.              Why did Congress create (and later strengthen) the Equal Employment Opportunity Commission? .
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1.              In what ways have the problems caused by therecent economic crisis affected business firms? In what ways have these problems affectedemployees and individuals? 2.              What factors caused American business to develop into a mixed economic system rather than some other type of economic system? .
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1.              How does your standard of living affect the products or services you buy? 2.              What is the difference between the domestic system and the factory system? 3.              Choose one of the environments that affect business and explain how it affects a small electronics manufacturer located in Portland, Oregon. .
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    11. Chance nodes are a. nodes provided at the end of the states-of-nature branches. b. nodes indicating points where an uncertain event will occur. c. nodes provided at the end of the decision alternative branches where a payoff is shown. d. nodes indicating points where a decision is made.     12. Lines showing the alternatives from.
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1.              Describe several individual factors that influence the level of ethical behavior in an organization. 2.              Explain several social factors that affect ethics in an organization. 3.              How does “opportunity” influence the level of ethical behavior in the workplace? .
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    46. Visual Park is considering marketing one of its two television models for coming Christmas season: Model A or Model B. Model A is a unique featured television and appears to have no competition. Estimated profits (in thousand dollars) under high, medium, and low demand are given below:  Demand Model A High.
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1.              Explain the two views on the social responsibility of business. 2.              What are the arguments for increased social responsibility? 3.              What are the arguments against increased social responsibility? .
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1.What do you think is Graeter’s current basis of departmentalization?Do you think this basis might change as Graeter’s begins to expand across the country? 2.How would you describe the decision-making process at Graeter’s? 3.How many types of planning can you observe in the case?How well do you think Graeter’s team handles the.
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1.              How can the government encourage the ethical behavior of organizations? 2.              What is trade associations’ role in encouraging ethics? 3.              What is whistle-blowing? Who protects the whistle-blowers? 4.              What is social responsibility? How can business be socially responsible? .
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    43. Greentrop Pharmaceutical Products are the world leader in the area of sleep aids. Its major product is “Dozealot”. The Research-and-Development Division has defined two alternatives to improve the quality of the product. These alternatives are simple reformulations of the product to minimize the side effects and to improve the.
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1. An uncertain future event affecting the consequence associated with a decision is known as a a. chance event. b. decision alternative. c. decision node. d. payoff.     2. A(n) _________ refers to the result obtained when a decision alternative is chosen and a chance event occurs. a. payoff table b. outcome c. state of nature d. node     3. _____________ are.
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2.              When compared to larger manufacturing firms in the building products industry, what advantages have helped KlipTech become successful? 3.              How have the competitive, global, technological, and economic environments helped KlipTech to become a successful small business?Which of the above environments might pose the most challenges in the next few years,.
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    44. Meega airlines decided to offer direct service from Akron to Clearwater beach, Florida. Management must decide between full-price service using a company’s new fleet of jet aircraft and a discount-service using smaller capacity commuter planes. Management developed estimates of the contribution to profit for each type of service based.
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1.              What reasons would you give if you were advising someone to study business? a.To help you choose a career. b.To help you be a successful employee. c.To help you improve your management skills. d.To help you start your own business. e.To help you become a better informed consumer and investor. 2.              What factors affect a.
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3.              Does an individual consumer really have a voice in answering the basic four economic questions? 1.              Joel Klippert says he pays himself last, after he pays his vendors and employees. Explain this decision in terms of the principle of business profit. Do you agree with his payment priorities? .
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    47. The Golden Jill Mining Company is interested in procuring 10,000 acres of coal mines in Powder River Basin. The mining company is considering two payment-plan options to buy the mines: I. 100% PaymentII. Installment-Payment The payoff received will be based on the quality of coal obtained from the mines which has.
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