8. A psychologist who explains anxiety in terms of neurotran…
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8. A psychоlоgist whо explаins аnxiety in terms of neurotrаnsmitter imbalances is using the
SECTION I – MULTIPLE CHOICE Circle the best аnswer. 1. A firm hаs а cоmpetitive advantage when it:a. Earns abоve-average prоfitsb. Has higher revenues than competitorsc. Creates more economic value than rivalsd. Has greater market share2. Economic value is defined as:a. Price minus costb. Willingness to pay minus costc. Revenue minus expensesd. Profit margin3. Strategy is best defined as:a. A firm’s long-term goalsb. A detailed operating planc. A theory of how to gain competitive advantaged. A budgeting framework 4. PESTEL analysis is primarily used to:a. Evaluate firm resourcesb. Analyze competitive rivalryc. Assess macro-environmental trendsd. Identify core competencies5. Buyer power increases when:a. Switching costs are highb. Buyers are concentratedc. Products are highly differentiatedd. Entry barriers are high6. High barriers to entry generally:a. Increase rivalryb. Reduce firm profitsc. Protect incumbent firmsd. Increase buyer power7. A substitute product:a. Comes from the same industryb. Performs the same function in a different wayc. Is produced by a rival firmd. Always lowers production costs8. Firm effects explain:a. Differences across industriesb. Differences within the same industryc. Macroeconomic conditionsd. Regulatory impacts9. Resources are best defined as:a. Activities a firm performs wellb. Assets a firm owns or controlsc. Strategic decisionsd. Organizational routines10. Capabilities differ from resources because they:a. Are always intangibleb. Are owned by managersc. Describe how resources are usedd. Cannot be imitated11. Which of the following is an intangible resource?a. Manufacturing plantb. Delivery trucksc. Brand reputationd. Cash reserves12. In the VRIO framework, “R” stands for:a. Returnb. Revenuec. Rared. Reliable13. A valuable but not rare resource leads to: a. Sustained competitive advantageb. Temporary competitive advantagec. Competitive parityd. Competitive disadvantage14. Sustained competitive advantage requires a resource to be:a. Valuable and rareb. Valuable, rare, and costly to imitatec. Valuable, rare, costly to imitate, and organizedd. Rare and organized15. Core competencies are best described as:a. Individual resourcesb. Financial assetsc. Bundles of resources and capabilitiesd. Industry conditions SECTION II – SHORT ANSWER Answer in 1–2 paragraphs each. 16. Explain the difference between competitive advantage and firm performance. Why isthis distinction important in strategic management? 17. Describe Porter’s Five Forces and explain how they determine industry profitability. 18. Using the VRIO framework, explain why some resources lead to sustained competitiveadvantage while others do not. SECTION III – ESSAY Choose ONE question.Write a well-organized response using course concepts. Option AA firm operates in a highly competitive industry with low profitability.Explain how internal analysis can still identify opportunities for competitive advantage. Option BChoose a real firm and:1. Identify two key resources or capabilities2. Apply the VRIO framework3. Explain whether the firm has a sustained competitive advantage