Fall 2013 Midterm for Winter 2014 class.pdf

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Department
Economics for Management Studies
Course
MGEC58H3
Professor
Harry Krashinsky
Semester
Winter

Description
MGEC58 Lecture 01Fall 2013 Economics of Human Resource ManagementMIDTERM EXAMWednesday October 9 500 pm Professor Harry KrashinskyLast NameFirst Name Student This is a 100 minute exam This exam consists of two parts both of which are to be Instructionsanswered in this exam booklet For the first part there are 7 multiple choice questions each worth 4 marks which are to be answered to the left of each question Each question should be answered by indicating with a BLOCK CAPITAL LETTER the alternative which is correct if you feel that a question is ambiguous or that no one answer is entirely correct pick the answer which you believe to be the best answer You will receive 4 marks for each correct answer 0 for each wrong or blank response thus you will not be penalized for wrong guesses For the second part there are 5 short answer problems worth a total of 72 marks These problems are provided at the end of the multiple choice questions and you are to answer them in the space provided If you make mistakes and need to redo the question you can use the back of the pages but clearly indicate that you are doing this below the questionAids Allowed Nonprogrammable calculator pens pencils rulersYou may not use any notes orrelated class materials to assist you during this examNumber of pages 15 Time Allowed 100 minutes The University of Torontos Code of Behaviour on Academic Matters applies to all University of Toronto Scarborough students The Code prohibits all forms of academic dishonesty including but not limited to cheating plagiarism and the use of unauthorized aids Students violating the Code may be subject to penalties up to and including suspension or expulsion from the University Management 1265 Military Trail Toronto ON M1C 1A4 Canada 1 wwwutscutorontocamgmt2 Part I7 Multiple Choice Questions28 Marks 1 Consider a consumer who when he works receives an hourly wage rate that he uses to buy a representative consumption good C which has a price of 1 He has the following utility function for consumption C and leisure T 1212UCT8CT Suppose that this consumer has 24 hours at his disposal to use for leisure or work and is offered an hourly wage of 2What will be this consumers level of consumption C rounding to the nearest whole number if necessary A 0B 2C 5D6E8F10 G 12H 15I 16J18K19L20 M 24N 28O 30P32Q35R40 S 42T 44U 45V48W 50X52 Y 55Z None of the above 2 Now consider a different consumer who when he works receives an hourly wage rate that he uses to buy a representative consumption good C which has a price of 1 He has the following utility function for consumption C and leisure T 1313UCT5C4T Suppose that this consumer has 70 hours at his disposal to use for leisure or work and is offered an hourly wage of 320How many hours will this consumer work rounding to the nearest whole number if necessary A 0B 3C 5D8E10F15 G 18H 20I 25J28K31L33 M 35N 37O 39P42Q45R50 S 52T 55U 60V62W 65X67 Y 70Z None of the above
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