Archives: Quiz

________ is a technique used to detect favorable and unfavorable opinions toward specific products and services using large numbers of textual data sources. As face-to-face communication is often replaced by e-mail, wikis, and computerized conferencing, leadership qualities attributed to physical […]

Describe the types of computer support that can be used for structured, semistructured, and unstructured decisions. An ________ shell is a type of development tool that has built-in inference capabilities and a user interface, and is specifically designed for ES […]

According to Simon (1977), managerial decision making is synonymous with the entire management process. Give a working definition of decision making. When labeling each term in the WordNet lexical database, the group of cognitive synonyms (or synset) to which this […]

When a word has more than one meaning, selecting the meaning that makes the most sense can only be accomplished by taking into account the context within which the word is used. This concept is known as ________. Because the […]

All of the following statements about data mining are true EXCEPT A) the process aspect means that data mining should be a one-step process to results. B) the novel aspect means that previously unknown patterns are discovered. C) the potentially […]

Using modeling for decision support can currently achieve all of the following EXCEPT A) enhance the decision making process. B) enable organizations to see likely results of their decisions. C) replace strategy formulation at top levels of the organization. D) […]

If using a mining analogy, “knowledge mining” would be a more appropriate term than “data mining.” A person’s decision performance and level of knowledge are typical criteria that determine their level of expertise in a particular subject. Answer: TRUE The […]

Participating in social media is so new that it is still optional for most companies in the United States. In most cases, Hadoop is used to replace data warehouses. Answer: FALSE In the patent analysis case study, text mining of […]

Linear programming seeks to optimally allocate resources among competing activities and is likely the best known optimization model. The WebFOCUS BI platform in the Travel and Transport case study decreased clients’ reliance on the IT function when seeking system reports. […]

Knowledge-based management subsystems provide intelligence to augment the decision maker’s own intelligence. The main difference between service level agreements and key performance indicators is the audience. Answer: TRUE In the Army expertise transfer system case, knowledge nuggets from interviewees needed […]

The network topology that allows only one-way links between layers, with no feedback linkage permitted, is known as backpropagation. The case study on chemical, biological, and radiological agents shows that expert systems are widely used in high pressure situations where […]

Computerized information systems help decision makers overcome human cognitive limitations in assembling and processing varied information. However, this is of little use in most analytical applications. In the U.S. HUD case study, the use of AHP brought standards and coherence […]

Because of performance and data quality issues, most experts agree that the federated architecture should supplement data warehouses, not replace them. A nonexpert uses the development environment of an expert system to obtain advice and to solve problems using the […]

Current use of sentiment analysis in voice of the customer applications allows companies to change their products or services in real time in response to customer sentiment. Volume, velocity, and variety of data characterize the Big Data paradigm. Answer: TRUE […]

The owner of a scenic waterfall is trying to decide whether to rent the site to a manufacturing firm as an industrial power source or to rent it to a recreational association, which would turn the site into a park […]

Fill in the blank: According to your textbook, “Fiscal policy is simply ________.” A) budget policy B) monetary policy under a different name C) price policy D) wage policy E) stupid Which of the following things does not have an […]

Elected government officials seem biased toward favoring A) the national interest. B) the global interest. C) well organized, special interest groups. D) policies that are in the long-run interest of economists. Suppose a pickpocket steals your $20 bill and spends […]

California voters and legislators frequently debate about the true cost of water in the course of trying to establish state policy to govern the use of water. The issue is confusing because A) all water is ultimately a free gift […]

Let’s assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Therefore A) U.S. producers have a comparative […]

A stable rule of law A) invariably turns losses into profits. B) allows people to cooperate more effectively with one another. C) converts price searchers into price takers. D) renders the law of comparative advantage ineffective. Economist’s can justify supporting […]

What is the error in the following argument? “An increased sales tax on gasoline won’t reduce consumption, because while the higher price will at first reduce demand, the reduced demand will eventually bring the price back down again, and consumption […]

When the price of a good increases, A) supply increases. B) quantity supplied increases. C) supply decreases. D) quantity supplied decreases. A fully licensed driver, Clarity Dence just drove her car to an “Earth Day” rally. By doing so, she […]

If price changes by one firm induce rival firms selling close substitutes to alter their prices, A) firms will be able to raise their prices without fear of losing sales. B) the demand curve will shift in response to a […]

Fill in the blank: ________ leads to speculation. A) Love B) Uncertainty C) Greed D) Money E) Sin At the moment, the Federal Reserve keeps the discount rate above the fed funds rate. In so doing, they are A) discouraging […]

When does a price searcher’s marginal revenue curve lie below its demand curve? A) At all times, since this is the definition of a price searcher B) When it cannot confine price reductions to the new sales it’s trying to […]

According to the economic way of thinking, elected government officials tend to favor A) contractionary monetary policies. B) contractionary fiscal policies. C) expansionary monetary and fiscal policies. D) monetary and fiscal policies consistent with the public interest. Why do the […]

Let’s assume Ben can produce 3 units of a material good (M) or 3 units of a spiritual good (S) in a day, while Cal can produce 1 M or 2 Ss in a day. Both Ben and Cal can […]

Suppose we observe the following sequence of production and exchange: sand is used to make silicon; silicon is used to make silicon chips; silicon chips are used to make computers; computers are sold to retailers; retailers sell those computers to […]

Typically, in towns and villages across the Midwest, bowling alleys are one-story buildings. In Manhattan, one is more likely to bowl in alleys found in multi-story high rises. Why? A) Because Midwesterners live on flat lands, they think flat and […]

Let’s assume Ben can produce 3 units of a material good (M) or 3 units of a spiritual good (S) in a day, while Cal can produce 1 M or 2 Ss in a day. Which statement below is true? […]

An effective price ceiling tends to A) decrease quantity supplied. B) Increase quantity demanded. C) discoordinate the plans of buyers and sellers. D) do all of the above. The fees physicians charge patients are most closely related to the physicians’ […]

A speculator who incorrectly anticipates the future A) cannot inflict a loss on others because one person’s loss must be someone else’s gain. B) incurs a personal loss but benefits everyone else. C) inflicts a loss on others and incurs […]

A price support on milk is not in the interest of milk drinkers, so why do elected public officials successfully implement milk price supports? A) Milk price supports are in the public interest. B) A small number of households (dairy […]

Speculators who believe the world-wide demand for cocoa products is going to increase enormously next year will cause A) less cocoa to be consumed next year. B) less cocoa to be consumed this year. C) less cocoa to be produced […]

Which supports the economist’s claim that buyers don’t compete against sellers? A) Diners would rather have more restaurants to choose among. B) Music buyers prefer having access to internet music stores compared to only the local music shop in town. […]

A business can be operated profitably at a loss for an indefinite period of time A) if it is unable to meet all their obligations but able to cover operating costs. B) if we neglect the social costs of discriminatory […]

The Skinned Knee Corporation can produce either 300 skateboards each week or 500 snowboards each week. What is their opportunity cost of producing 300 skateboards each week? A) 300 skateboards B) 200 snowboards C) 500 snowboards D) 800 snowboards If […]

In 2002 some politicians and many representatives of the steel and iron-ore mining industries in the U.S. complained foreign steel producers were illegally “dumping” steel and contributing to a potential unemployment problem. According to the economic way of thinking, their […]

The real rate of interest is A) the rate of inflation minus the nominal rate of interest. B) the nominal rate of interest minus the risk premium. C) the nominal rate of interest minus the rate of inflation. D) the […]

If one really believes that price spikes known as “price gouging” are due to a surge in greed among suppliers, then A) they haven’t quite mastered the economic way of thinking. B) their comfort in knowing that thousands if not […]

Which of the following most accurately describes what occurs during a time of inflation? A) People must work longer to live as well. B) Prices rise faster than incomes. C) The average standard of living declines. D) The cost of […]

Which of the following clearly restricts the competitive market process? A) Selling below cost B) Selling above cost C) Selling at cost D) Setting a price above marginal cost E) None of the above. The economic way of thinking views […]

Fill in the blank: According to your text, ________ may be the most powerful force behind economic growth. A) minimum wages B) unionization C) technical innovation D) a well-motivated bureaucracy E) price compression Suppose the price level increases and real […]

When a government mandate sets the rental price of an apartment below the market clearing level, which of the following result? A) A shortage B) A surplus C) Scarcity D) The outcome is unknowable. When determining value added, national income […]

For which of the following goods would the price elasticity of demand ordinarily be greatest? A) Gasoline B) Mobil regular gasoline C) Petroleum products D) Transportation services E) Unleaded gasoline Positive externalities and high transaction costs make voluntary social cooperation […]

Suppose the United Automobile Workers union agrees to accept lower wages for members if the automobile manufacturers lower their prices to buyers. Will the UAW’s measures usually result in a larger number of cars being sold and hence more jobs […]

Which of the following is an important difference between government and privately-owned enterprises? A) Government can distribute goods without employing discriminatory rationing criteria. B) Government can more easily use negative incentives to obtain resources. C) Government does not produce exchangeable […]

The deposit expansion multiplier would increase if the Fed were to A) raise the required reserve ratio. B) lower the required reserve ratio. C) raise the discount rate. D) sell bonds. The logical principle for maximization can be stated as […]

The number of dollars that the commercial banking system can add to the money supply for each dollar of new reserves created by the Fed A) cannot legally be greater than 8 nor less than 2. B) is governed largely […]

Chapter 15 suggests that the Community Reinvestment Act (CRA) provides an example of A) bad intentions and bad unintended consequences. B) good intentions and bad unintended consequences. C) bad intentions and good unintended consequences. D) good intentions and good unintended […]