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The Lester-Machlup controversy applies to whether or not firms a. choose the correct pl

  The Lester-Machlup controversy applies to whether or not firms

a. choose the correct plant size

b. use marginal analysis to choose output levels

c. correctly calculate their economic profits and losses

d. engage in wasteful advertising campaigns

e. pollute the environment

102.              The controversy about whether entrepreneurs should be judged according to what they do
                            or say originated between

a. Friedman and Hopkins

b. Berle and Means

c. Lester and Machlup

d. Baumol and Galbraith

e. Smith and Thurow

103.              Who believes that marginal analysis provides the best model of a firm’s behavior?

a. William Baumol

b. John K. Galbraith

c. Milton Friedman

d. Richard Lester

e. Lester Thurow

104.              The author of the New Industrial State, who believes that managerial bureaucracy
                            controls corporate goals and behavior, is

a. William Baumol

b. John K. Galbraith

c. Milton Friedman

d. Richard Lester

e. Lester Thurow

105.              John K. Galbraith and Lester Thurow both believe that the modern corporation

a. follows the MR = MC rule

b. tries to minimize costs

c. hires too few managers

d. is run by managers for managers

e. serves the interests of stockholders

Dec 11 2019 View more View Less

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