Question

Question 1

1. 1) An economic model:

		a. includes all the details of the question we are trying to answer
		b. provides researchers with answers that are absolutely true in all cases
		c. is a simplified description of a real life situation which researchers believe is true in most cases
		d. makes no simplifying assumptions

3 points

Question 2

1. 2) Which of the following is (are) a function of a business?

		a. marketing
		b. operations
		c. finance
		d. all of the above

3 points

Question 3

1. 3) According to Mintzberg the role of a manger is NOT:

		a. informational
		b. interpersonal
		c. to perform the day-to-day duties of the department he/she is managing
		d. decision maker

3 points

Question 4

1. 4) What is NOT in the micro environment of a business?

		a.government regulation
		b. competitors
		c. customers
		d. suppliers

3 points

Question 5

1. 5) What is NOT in the macro environment of a business?

		a. economic change
		b. new suppliers in a market
		c. changes in laws
		d, technological change

Answer 1

1. c. is a simplified description of a real life situation which researchers believe is true in most cases.

The economic model is a simplified framework planned or conceived in detail in order to demonstrate complex processes, is often mathematical in nature and used to analyze real-world economic situations.

2. d. all of the above

Business functions are processes employed by an organization to ensure its proper functioning.

3. c. to perform the day-to-day duties of the department he/she is managing.

• Interpersonal such as Figurehead, Leader and Liaison
• Informational like Monitor, Disseminator, and Spokesperson
• And decision maker as an Entrepreneur, Disturbance Handler, Resource Allocator, and Negotiator

4. a.government regulation

The micro environment is the operating environment of a business. The most common elements are Customers, Competitors, Employees, Shareholders,  Suppliers, and Media.

5. b. new suppliers in a market

Macro environment is not controllable by the business and is external. Business has no control over this environment as it includes external factors.