ECON625 – Quiz – Week 6 – Graded 35/35 2023 Business Finance

2023 Question 1 1 What term best describes clusters

Question 1

1.            What term best describes clusters of activities that a firm does especially well in comparison with other firms?


A.            Resources


B.            Capabilities


C.            Threats to sustainability


D.            Competitive advantage


E.            Strategic firm assets

3.5 points  

Question 2

1.            Which of the following terms best describes a phenomenon whereby a profit-maximizing firm sticks with its current technology or product concept even though the profit-maximizing decision for a firm starting from scratch would be to choose a different technology or product concept?


A.            Strategic intent


B.            Strategic stretch


C.            The replacement effect


D.            The sunk cost effect


E.            Hypercompetition

3.5 points  

Question 3

1.            What term best describes assets that are more valuable when used together than when separated?


A.            Imperfectly mobile


B.            Cospecialized


C.            Value-creating


D.            Isolating


E.            Scarce

3.5 points  

Question 4

1.            What product characteristic refers to the situation where consumers place higher value on a product if other consumers also use it?


A.            Product linkage


B.            Complementary effect


C.            Product externality


D.            Network effect


E.            Value creation effect

3.5 points  

Question 5

1.            Which of the following terms describes a nation’s position with regard to the elements (e.g. human resources, infrastructure) of production that are necessary to compete in a particular industry?


A.            Related supplier or support industries


B.            Demand conditions


C.            Supply conditions


D.            Factor conditions


E.            Strategy, structure, and rivalry

3.5 points  

Question 6

1.            What term best characterizes the battle between firms to innovate first?


                Market for new ideas


                New product competition


                R&D race


                Innovation competition


                Patent race

3.5 points  

Question 7

1.            What term best describes the characteristic of a process if past circumstances could exclude certain evolutions in the future?


A.            Dynamic efficiency


B.            Dynamic capabilities


C.            Path dependence


D.            Evolutionary economics


E.            Correlated research strategies

3.5 points  

Question 8

1.            Which of the following is least likely a characteristic of profit persistence in an industry?


A.            Entry barriers exist


B.            Economic profits should quickly converge to zero


C.            Barriers to imitation exist


D.            Low profit firms today should remain low-profit firms in the future


E.            Firms earning above-average profits today should continue to do so in the future

3.5 points  

Question 9

1.            Size, growth, and character of home demand for a firm’s product are examples of what?


A.            Demand conditions


B.            Factor conditions


C.            Strategy, structure, and rivalry


D.            Supply conditions


E.            Related supplier or support industries

3.5 points  

Question 10

1.            What term best describes when quiet periods in markets are punctuated by fundamental “shocks” or “discontinuities” that destroy old sources of advantage and replace them with new ones?


A.            Entrepreneurship


B.            Market for ideas


C.            Disruptive technologies


D.            Innovation


E.            Creative destruction



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