Business objectives (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
At what point does profit maximisation occur?
At what point does profit maximisation occur?
When
Where does sales revenue maximisation occur?
Where does sales revenue maximisation occur?
Where marginal revenue is zero
What does sales volume maximisation focus on increasing?
What does sales volume maximisation focus on increasing?
Quantity of goods sold
What is the primary focus of growth maximisation?
What is the primary focus of growth maximisation?
Long-term expansion
To whom is utility maximisation primarily relevant?
To whom is utility maximisation primarily relevant?
Individuals or households
What does profit satisficing aim to achieve?
What does profit satisficing aim to achieve?
A satisfactory level of profit
Which action is an example of pursuing social welfare objectives?
Which action is an example of pursuing social welfare objectives?
Reducing pollution
What distinguishes CSR from standard business practices?
What distinguishes CSR from standard business practices?
Goes beyond legal requirements
What is the principal-agent problem?
What is the principal-agent problem?
Conflict of interest between parties
What does asymmetric information mean in the principal-agent problem?
What does asymmetric information mean in the principal-agent problem?
Agent has more info on own actions
Which mechanism helps align agent incentives with principal goals?
Which mechanism helps align agent incentives with principal goals?
Performance-based pay
In a company, who are the principals and agents?
In a company, who are the principals and agents?
Shareholders and managers