Economics Quiz

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The problem or opportunity that requires a business decision on the part of the decision maker is called a _____.

Choose one answer.

	a. management dilemma
	b. research problem
	c. challenge
	d. measurement approach
	e. return on business investment

Question 2

Intuitive decision makers tend to base business decisions on _____.

Choose one answer.

	a. business research
	b. secondary data
	c. primary data
	d. proprietary research
	e. all of the above

Question 3

Visionary decision makers tend to base business decisions on _____.

Choose one answer.

	a. proprietary business research
	b. instinct
	c. secondary data
	d. past experience
	e. all of the above

Question 4

Some organizations make decisions based on past experience, instincts, or secondary data searches. These organizations are operating at the _____ tier of the hierarchy of business decision makers.

Choose one answer.

	a. top
	b. middle
	c. base
	d. pinnacle
	e. information

Question 5

Business research may be considered unnecessary when _____.

Choose one answer.

	a. management has insufficient resources to conduct an appropriate study
	b. the risk associated with the decision at hand is low
	c. the information is applicable to the critical decision
	d. both a and b
	e. both a and c

Which of the following is not a required characteristic of good research?

Choose one answer.

	a. Clearly defined purpose
	b. Detailed research process
	c. Focused on theory
	d. Thorough research design
	e. Recognition of limitations

Question 7

For the limitations of a study to be revealed appropriately, the researcher should _____.

Choose one answer.

	a. compare the desired procedure with the actual procedure
	b. compare the desired sample with the actual sample
	c. ensure that the recommendations do not exceed the scope of the study
	d. address the time restraints imposed on the study
	e. both a and b

Question 8

Which characteristic of good research involves distinguishing between the organization's symptoms, its problems, the manager's perception of the problems, and the research problem?

Choose one answer.

	a. Clearly defined purpose
	b. Detailed research process
	c. Thorough research design
	d. High ethical standards
	e. Justifiable conclusions

Question 9

Which of the following is not included in the statement of the decision problem?

Choose one answer.

	a. Scope
	b. Limitations
	c. Precise meaning of all terms
	d. Desired procedures
	e. Organizational symptoms

Question 10

The goal of the research design is to maximize the _____ of the results.

Choose one answer.

	a. objectivity
	b. subjectivity
	c. profitability
	d. morality
	e. reportability

Are any of the following not a good reason for managers to be well grounded in basic research?

Choose one answer.

	a. Do research for themselves.
	b. Make competent decisions on whether to make or 'buy' research from researchers outside the firm.
	c. Define their own needs and form researchable questions for the specialist.
	d. Judge the logic of a research approach.
	e. All are good reasons.

Question 12

Which of the following is pure rather than applied research?

Choose one answer.

	a. Sleep duration, as impacting work efficiency.
	b. Disruption of cognitive ability under stress.
	c. The relationship between leadership traits and corporate success.
	d. Work towards the discovery of a possible new element.
	e. Comparing brand logos after a change.

Question 13

Direct observation of phenomena, empirically testable hypotheses, and the ability to rule out rival hypotheses are all essential tenets of the _____.

Choose one answer.

	a. experiential method
	b. scientific method
	c. intuitive process
	d. strategic management process
	e. account planning philosophy

Question 14

Which form of argument presents a conclusion based on reasons or proof?

Choose one answer.

	a. Induction
	b. Deduction
	c. Logic
	d. Philosophy
	e. Exposition

Question 15

_____ is a form of reasoning that draws a conclusion from one or more particular facts or pieces of evidence.

Choose one answer.

	a. Induction
	b. Deduction
	c. Empiricism
	d. Logic
	e. Association

_____ occurs when we observe a fact and ask, "Why is this?"

Choose one answer.

	a. Deduction
	b. Induction
	c. Exposition
	d. Empiricism
	e. Curiosity

Question 17

_____ is the process by which we test whether a hypothesis is capable of explaining the fact.

Choose one answer.

	a. Deduction
	b. Induction
	c. Exposition
	d. Empiricism
	e. Curiosity

Question 18

Concepts are more _____, while constructs are more _____.

Choose one answer.

	a. concrete, abstract
	b. abstract, concrete
	c. intangible, tangible
	d. conceptual, factual
	e. intuitive, logical

Question 19

Which term below refers to a construct that is presumed to exist, but can only be inferred from data?

Choose one answer.

	a. Conceptual scheme
	b. Hypothetical construct
	c. Operational definition
	d. Confounding variable
	e. Extraneous variable

Question 20

Which term below refers to an event, act, characteristic, trait, or attribute that can be measured and to which we assign categorical values?

Choose one answer.

	a. Construct
	b. Concept
	c. Variable
	d. Schema
	e. Model

Jason is using the demographic variables of highest level of educational attainment (high school graduate, some college, college graduate, graduate school) and ethnicity (Asian, African-American, Caucasian, Hispanic, other) to describe survey respondents. Both are examples of _____ variables.

Choose one answer.

	a. dichotomous
	b. discrete
	c. continuous
	d. dependent
	e. mediating

Question 22

Which variable listed below is the variable measured, predicted, or otherwise monitored and expected to be affected by manipulation of another variable?

Choose one answer.

	a. Criterion
	b. Moderator
	c. Independent
	d. Predictor
	e. Extraneous

Question 23

An increase in hours of television viewing leads to increases in the sales of snack foods. This is an example of a_____.

Choose one answer.

	a. research question
	b. descriptive hypothesis
	c. correlational hypothesis
	d. causal hypothesis
	e. dichotomous hypothesis

Question 24

Which of the following is an explanatory hypothesis?

Choose one answer.

	a. Young women purchase fewer meats than women who are 35 years of age or older.
	b. Sales of vegetarian foods vary by season.
	c. An increase in family income leads to an increase in the percentage of income spent on housing.
	d. Real estate investment trusts (REITs) experienced a record level of profitability in 2004.
	e. People in the South tend to rate the President more favorably than do people in the North.

Question 25

Which of the following is not one of the conditions necessary for a hypothesis to be considered strong?

Choose one answer.

	a. Adequate for its purpose
	b. Addresses the presence of extraneous variables
	c. Testable
	d. Better than rival hypotheses
	e. All of the following are necessary conditions

The role of a model is to _____ while a theory's role is to _____.

Choose one answer.

	a. represent, explain
	b. explain, represent
	c. propose, prove
	d. describe, predict
	e. examine, experiment

Question 27

Which type of model allows the researcher to visualize numerous variables and relationships?

Choose one answer.

	a. Descriptive
	b. Predictive
	c. Normative
	d. Correlational
	e. Planning

Question 28

The process of stating the basic dilemma and then developing other questions by progressively breaking down the original question into more specific ones is called the _____.

Choose one answer.

	a. research question
	b. management-research-question hierarchy
	c. management dilemma
	d. management question
	e. investigative question

Question 29

Who answers measurement questions?

Choose one answer.

	a. Management decision makers
	b. Researchers
	c. Field workers
	d. Participants
	e. Statisticians

Question 30

Who answers investigative questions?

Choose one answer.

	a. Management decision makers
	b. Researchers
	c. Field workers
	d. Participants
	e. Statisticians

To satisfactorily answer a research question, researchers must first answer _____ questions.

Choose one answer.

	a. management
	b. investigative
	c. measurement
	d. dilemma
	e. deductive

Question 32

The quantifiable characteristic, attribute, or outcome on which a choice decision will be made is called a _____.

Choose one answer.

	a. decision theory
	b. decision rule
	c. ex post facto evaluation
	d. decision variable
	e. success probability

Question 33

Which of the following statements is false regarding the evaluation of alternatives?

Choose one answer.

	a. The selection of alternatives is determined by the decision variable chosen and the decision rule used
	b. Each alternative must be explicitly stated
	c. A decision variable is defined by an outcome that may be measured
	d. A decision rule is determined by which outcomes may be compared
	e. all of the above are true

Question 34

Which of the following terms fails to capture the meaning of a research design?

Choose one answer.

	a. Map
	b. Blueprint
	c. Manual
	d. Dictionary
	e. Guidebook

Question 35

A _____ is a trial collection of data to detect weaknesses in the design or instrument.

Choose one answer.

	a. test market
	b. census
	c. sample
	d. pilot test
	e. sampling frame

All of the following are benefits of pilot tests except _____.

Choose one answer.

	a. provision of proxy data for probability sampling
	b. identification of measurement errors
	c. detection of weaknesses in research design
	d. sensitization of respondents to the purpose of the study
	e. all of the above are benefits

Question 37

Information collected from participants, by observation, or from secondary sources is called _____.

Choose one answer.

	a. response
	b. data
	c. knowledge
	d. fact
	e. perceptual content

Question 38

Which type of sample provides a group of participants who are most representative of the target population?

Choose one answer.

	a. Census
	b. Judgment
	c. Probability
	d. Nonprobability
	e. Primary

Question 39

During the _____ stage, the analyst will look for patterns of responses to the survey questions.

Choose one answer.

	a. data editing
	b. data collection
	c. data analysis
	d. sampling
	e. reporting

Question 40

Ensuring consistency among respondents, locating omissions, and reducing errors in recording are all benefits of _____.

Choose one answer.

	a. data collection
	b. data editing
	c. sampling
	d. coding
	e. data analysis

Reducing data to a manageable size, developing summaries, and applying statistical techniques are all aspects of _____.

Choose one answer.

	a. sampling
	b. data collection
	c. pilot testing
	d. data analysis
	e. data transformation

Question 42

A synopsis of the problem, findings, and recommendations are provided in the ____ section of a research report.

Choose one answer.

	a. executive summary
	b. abstract
	c. overview
	d. implementation
	e. technical appendix

Question 43

A researcher who is method-bound is likely to _____.

Choose one answer.

	a. be responsible for data analysis
	b. utilize a probability sample
	c. prefer one research approach over all others
	d. mine a client's database
	e. all of the above

Question 44

Which of the following is not a common research process problem?

Choose one answer.

	a. Politically motivated research
	b. Database strip-mining
	c. Unresearchable questions
	d. Ill-defined management problems
	e. Pilot testing

Question 45

Ill-defined problems are those that _____.

Choose one answer.

	a. cannot be expressed completely or easily
	b. cannot be answered
	c. can be answered through data mining
	d. cannot be addressed with secondary data
	e. develop in method-bound research projects

Planning the research design involves decisions regarding _____.

Choose one answer.

	a. data collection mode
	b. type of study
	c. measurement
	d. sampling plans
	e. all of the above

Question 47

Which of the following questions is considered when discussing the management dilemma?

Choose one answer.

	a. How can management eliminate negative symptoms?
	b. What does the manager need to know to choose the best alternative from the available sources of action?
	c. What is the recommended course of action?
	d. What symptoms cause management concern?
	e. What should be asked or observed to obtain the information the manager needs?

Question 48

Which type of management question asks "What do we want to achieve?"

Choose one answer.

	a. Choice of purpose
	b. Evaluation of solutions
	c. Troubleshooting
	d. Control
	e. Concern

Question 49

The fundamental weakness in the research process is _____.

Choose one answer.

	a. incorrectly defining the research question
	b. identifying a flawed sampling frame
	c. misdefining the target population
	d. failing to identify all relevant secondary information
	e. skipping the exploratory phase

Question 50

Questions that the researcher must answer to satisfactorily arrive at a conclusion about the research question are called _____ questions.

Choose one answer.

	a. management
	b. research
	c. investigative
	d. measurement
	e. hypothetical