According to the theory of the firm, which of the following statements describes an oligopoly? A There are no barriers to entry into or exit from the market B There is only one producer in the market C There are four producers exerting considerabl

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• 1 A legal minimum price is set which is below the equilibrium price. What will be the impact of this

   A legal minimum price is set which is below the equilibrium price. What will be the impact of this?

  A Excess of demand over supply

  B Excess of supply over demand

  C Nothing

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• 2The supply curve of a firm operating in a competitive market is its A Marginal cost curve above the

  The supply curve of a firm operating in a competitive market is its

  A Marginal cost curve above the average variable cost curve

  B Marginal cost curve above the average total cost curve

  C Average total cost curve beyond the point where the marginal cost curve cuts it from below

  D Average variable cost curve below the average revenue curve

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• 3_________economic growth is determined by supply-side rather than by demand side factors. Which wor

  _________economic growth is determined by supply-side rather than by demand side factors.

  Which word correctly completes this statement?

  A Actual

  B Potential

  C National

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• 4Ali is responsible for preparing and issuing documents prior to a meeting, then acting on and commun

  Ali is responsible for preparing and issuing documents prior to a meeting, then acting on and communicating decisions following the meeting. What is his role?

  A Committee secretary

  B Committee member

  C Committee Chair

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• 5Janet works for a toy company called K Co. She telephones Mary at P Co on a daily basis to order par

  Janet works for a toy company called K Co. She telephones Mary at P Co on a daily basis to order parts.Janet has no contact with customers but does deal with complaint letters from D Group, an organisation against slave labour. D Group believe that K Co use slave labour in the toy manufacturing factories.Which of the following are internal stakeholders of K Co?

  A Janet only

  B Janet and Mary at P Co

  C Janet and D Group

  D Janet, Mary and D Group

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• 6Mr Q is manager of a division which is undergoing a business downturn. He tries to shelter the workf

  Mr Q is manager of a division which is undergoing a business downturn. He tries to shelter the workforce from the effects of downsizing: taking time for consultation, organising counselling and refusing to institute compulsory redundancies. Which one of the following cultural types identified in the Hofstede model is this manager most likely to

  represent?

  A Low power-distance

  B Low masculinity

  C Low uncertainty avoidance

  D High individuality

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• 7Diane carries out routine processing of invoices in the purchasing department of L Co. Joanne is Dia

  Diane carries out routine processing of invoices in the purchasing department of L Co. Joanne is Diane's supervisor. Lesley is trying to decide how many staff will be needed if some proposed new technology is implemented. Tracey is considering the new work that L Co will be able to offer and the new markets it could enter, once the new technology is well established. Which member of L Co carries out tactical activities?

  A Diane

  B Joanne

  C Lesley

  D Tracey

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• 8Which of the following is not one of the terms used by Hofstede to describe a key dimension of cultu

  Which of the following is not one of the terms used by Hofstede to describe a key dimension of culture?

  A Power-distance

  B Acquisitive/giving

  C Individualism/collectivism

  D Uncertainty avoidance

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• 9Which is the 'deepest' set of underlying factors which determine culture, and the hardest to manage?

  Which is the 'deepest' set of underlying factors which determine culture, and the hardest to manage?

  A Values

  B Rituals

  C Assumptions

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• 10 The research and development (R & D) function of a business: (i) Is primarily concerned with mark

   The research and development (R & D) function of a business:

  (i) Is primarily concerned with market research

  (ii) Can improve existing products as well as developing completely new products

  (iii) Has been less important for firms manufacturing computers to meet an industry standard than for those firms developing the next generation of computers

  (iv) Is always undertaken under contract by specialist external consultancies Which of the above statements are correct?

  A (i) and (ii) only

  B (ii) and (iii) only

  C (i), (iii) and (iv) only

  D (ii) and (iv) only

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