Economics 161 Review questions 1 Professor Tom K
Economics 308 Review Question 1 Professor Tom K. Lee
(There will be exam questions not from the review questions.)
Name & explain the 5 basic organizational architecture questions.
Name & explain the 5 basic managerial economics questions.
Name and explain the three implications of Economic Darwinism.
Name & explain the basic economic principles.
Define and explain specific knowledge and general knowledge.
State & explain the various forms of transaction costs.
Define a firm.
Name & explain the five reasons why firms exist.
State & explain separation of ownership & management.
State & explain the Principal Agent Problem.
State & explain the 7 sources of conflict between owners &
managers.
State & explain the conflict of shareholders and bondholders.
State and explain the conflict of large and small shareholders.
State & explain the 4 costs of contracts.
State and explain the 2 pre-contract information problems and their
solutions.
State & explain the 4 post contract problems and their solutions.
When will reputation concerns in implicit contracts more likely
to be effective?
Name and explain the 3 important aspects of organizational
architecture of a firm.
What is the primary goal of an economic organization?
Name & explain the three costs of changing organizational
architecture.
Define & explain corporate culture.
Name & explain the 2 dimensions of a job.
When are decisions made at the top?
When are decisions decentralized?
Name & explain the 5 benefits of decision decentralization.
Name & explain the 2 situations where decision decentralization
works best.
Name & explain the 3 costs of decision decentralization.
Why middle management is reducing in size and what is the new role
of middle management ?
What are the 4 reasons for firms to form teams?
What are the 2 benefits (costs) of team decision-making?
Name & explain the 2 determinants of team size.
Name & explain the 4 steps of decision-making process.
State & explain the Hay System of job evaluation.
Name & explain the benefits & costs of specialized task assignment.
State & explain broad task assignment.
Name & explain the 4 structural forms of organization.
Name & explain the benefits & costs of U form organization.
Name & explain the benefits & costs of M form organization.
What is the profit maximizing labor choice of a competitive firm?
State & explain compensation wage differential.
Economics 308 Review Questions 2 Professor Tom K. Lee
Why different industries have different period of probation for new
hires?
Why some industries offer life-time employment while others don’t?
State & explain an internal labor market.
Name & explain the benefits & costs of an internal labor market.
State & explain efficiency wage.
Name & explain the 6 costs of contest & tournament among workers.
State & explain wage compression.
State & explain backloaded compensation.
State & explain the 2 costs of cafeteria plans of fringe benefits.
Name & explain the five examples of incentive compensation.
Name & explain the 3 factors that limit the use of ownership to
resolve incentive problems.
Contrast risk sharing versus incentive standpoint of employment
compensation.
Name & explain the 5 conditions where incentive compensation works
best.
State & explain Informativeness Principle.
State & explain the 3 benefits of group incentive plans.
State & explain Ratchet effect.
State & explain the 2 forms of opportunism.
State & explain relative performance evaluation.
Name & explain the 2 subjective performance evaluation methods.
Name & explain cost center, expense center, revenue center, profit
center & investment center of a corporation.
Name & explain the profit maximizing output choice conditions of a
competitive firm versus of a firm with market power.
Name & explain the 5 sources of market power.
Name & explain the 4 different degrees of price discrimination.
State & explain inverse demand elasticity rule.
Define & explain two-part tariff monopoly & all-or-nothing contract
monopoly.
State & explain peak load pricing.
State and explain dominant firm price leadership model.
Define and explain transfer pricing.
Define & explain downsizing, divestiture, spin-off, equity carve-
out, split-off and outsourcing.
State & explain supply chain management.
Contrast strategic alliance versus joint ventures.
Contrast nonprofit versus for-profit organizations.
Name & explain the 7 legal forms of for-profit organization.
Define corporate governance.
State & explain the 5 internal control mechanisms of a corporation.
Define a tender offer, a bear hug, a hostile takeover, a greenmail, a white knight and a poison pill.
Name & explain the 7 examples of poison pills.
Name & explain the 3 sources of organization capital.
Name & explain the 8 types of corporate capital.
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