Managerial Decisions

Please choose the most appropriate answer for each sentence.
  • 1

    Dr. Said Atri, Professor of Economics at SUNY, explains that most managerial decisions involve making a choice from among ..... courses of action or options in order to achieve a certain objective.

  • 2

    ..... is the process by which a desired outcome is achieved through the most efficient course of action.

  • 3

    In consumption, a consumer with a ..... amount of income purchases the mix of goods that provides him or her with the greatest level of satisfaction or utility.

  • 4

    Often managerial decisions have to be made subject to some ......

  • 5

    For instance, a manager that is trying to cut his labor costs may be under a union ..... limiting his ability to lay off workers.

  • 6

    A farmer who wants to take advantage of good market conditions and increase the size of his ..... is limited by the amount of land that he has available.

  • 7

    Managerial decisions are not made in a .....: economic and market conditions constantly change and managers must decide in accordance with the dynamics of the business environment.

  • 8

    As complex as managerial problems may appear, often their various elements can be fitted into microeconomic models; that is why managerial economics is also called ".....".

  • 9

    The manager's internal environment is made up of those factors over which he has at least some ..... of control.

  • 10

    Macroeconomics is ..... to managers, as managers are often interested in knowing the state of the economy and the direction of macroeconomic measures such as interest rates and inflation.

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