Top 1000+ Solved Fundamentals of Economics and Management MCQ Questions Answer
Q. Which of the following are the primary functions of all organizations?
a. operations, marketing, and human resources
b. marketing, human resources, and finance/accounting
c. sales, quality control, and operations
d. research and development, finance/accounting, and purchasing
Q. Budgeting, paying the bills, and collection of funds are activities associated with the
a. management function
b. finance/accounting function
c. production/operations function
d. staffing function
Q. Which of the following would not be an operations function in a fast-food restaurant?
a. making hamburgers and fries
b. advertising and promotion
c. maintaining equipment
d. designing the layout of the facility
Q. The three major functions of business organizations
a. are mutually exclusive
b. exist independently of each other
c. overlap
d. function independently of each other
Q. The marketing function's main concern is with
a. producing goods or providing services
b. procuring materials, supplies, and equipment
c. building and maintaining a positive image
d. generating the demand for the organization's
Q. Current trends in operations management include all of the following except
a. Just-in-time performance
b. rapid product development
c. mass customization
d. mass production
Q. The service industry makes up approximately what percentage of all jobs in the United States?
a. 20%
b. 40%
c. 74%
d. 90%
Q. Typical differences between goods and services do not include
a. cost per unit
b. ability to inventory items
c. timing of production and consumption
d. knowledge content
Q. Which is not true regarding differences between goods and services?
a. Services are generally produced and consumed simultaneously, tangible goods are not.
b. Services tend to have a more inconsistent product definition than goods.
c. Goods tend to have higher customer interaction than services.
d. None of the above are true.
Q. Which of the following is not a typical attribute of goods?
a. output can be inventoried
b. aspects of quality difficult to measure
c. output can be resold
d. production and consumption are separate
Q. Which of the following services is not unique, i.e., customized to a particular individual's needs?
a. hairdressing
b. elementary education
c. legal services
d. computer consulting
Q. Which of the following is not a typical service attribute?
a. intangible product
b. customer interaction is high
c. simultaneous production and consumption
d. difficult to resell
Q. Which of the following inputs has the greatest potential to increase productivity?
a. labor
b. management
c. capital
d. None of the above
Q. Forecasts used for new product planning, capital expenditures, facility location or expansion, and R&Dtypically utilize a……….
a. short-range time horizon
b. long-range time horizon
c. naive method, because there is no data history
d. all of the above
Q. The three major types of forecasts used by business organizations are
a. strategic, tactical, and operational
b. economic, technological, and demand
c. exponential smoothing, Delphi, and regression
d. departmental, organizational, and territorial