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First Midterm practice questions.doc

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University of Toronto Scarborough
Management (MGT)

Practice SAQ Questions for the October 2009 MGTA03 Mid-Term Test Question 1 – (Chapter 1) Identify the degree of competition that exists in the Canadian banking industry. You must explain and justify your response by listing four features of this degree of competition. The Canadian banking industry is a oligopoly degree of competition because: • There are a few number of banks • They all are large with a lot of capital • It is hard to enter and exit this market • Each try to differentiate themselves • They all watch and follow each other Question 2 – (Chapter 1) Give example of industry or product that is sold in a monopolistically competitive industry. Explain and justify by identifyat least four features of a monopolisticallycompetitive market. An industry that is monopolisticallycompletive would be coffee shops vs. Starbucks • Lots of suppliers that are mostly all small • Most are more or less the same; some are big • Most sell at the same price; some (big) suppliers can charge more • most industries can differentiate themselves • Starbucks has convinced they are better and thus they can charge more Question 3 (Chapter 2) One of the reasons that per capita GDP in Canada lags behind that of the United States is that labour productivity in the United States is higher. Define “per capita GDP”. Define “labour productivity”. Identifythree ways that labour productivity in Canada could be improved • Per capita GCP is the gross domestic production per person which is the total amount of productivity of a person in
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