Economic perspective is transaction cost economics

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Reference no: EM132289273

1. Two theories that explain why a firm exists from an economic perspective is Transaction Cost Economics (TCE) and...

(a) SCP Theory

(b) Strategic Management Theory

(d) Agency Theory

2. When a firm "survives", then by definition we must have the firm

(a) perform or outperform with others in the same industry

(b) outperform with other firms in a different industry

(d) producing a large quantity of products

3. A manager is conducting a VRIN Analysis on a product that his company currently produces. The product currently is manufactured through a new manufacturing process that adds value to the product and is difficult to replicate with another process by competitors. The creation of this process took the firms years to design, and hence, it would be difficult to find another process that is similar to that of a different firm for the same product. Furthermore, the process is so unique that no other process can be used to achieve similar results. This resource would hence be considered

(a) Valuable

(b) Rare

(d) All the Above

4. The difference between the upper specification and lower specification for a sheet metal stamping process process is 0.54 cm. The standard deviation of the process is 0.08 cm. What is the process capability ratio (Cp) for this process? (Displayyour answer to two decimal places.)

5. True/False: This process is adequately stable to meet the design specifications. (In the answer field below, write the number that corresponds to your answer. Do notwrite a period after the number.)

True

False

Reference no: EM132289273

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