MGTA03 Practice Questions for Midterm 2011 October

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
24 Multiple Choice Questions from Chapter 1 - 4 Practice for Mid-Term Test The Mid-Term Test will consist of 35 - 40 MCQs taken directly from material in the course textbook. Below, is a sample of 24 MCQs based on the same material, similar in format and difficulty to what you will find on the mid-term test. No answer key is provided. The correct answers are in the textbook! 1) Examples of businesses include the following, except: A) local supermarkets B) large corporations like Canadian Pacific or Alcan Aluminum C) non-profit organizations D) one-person operations, like barbershops 2) Profit is: A) the level of expenses B) the taxes a company pays C) the amount of sales D) what remains after business expenses are subtracted from business revenues 3) Governments in Canada have influence over the economy because they: A) tax. B) compete. C) regulate. D) all of the above. 4) Market economies have all of the following characteristics, except that they: A) encourage entrepreneurship by offering profits as an incentive B) allow customers free choice C) require government intervention in order to prosper D) rely on markets, not governments, to decide what, to produce 5) On a graph showing the supply curve and the demand curve, the point at which the two curves intersect is called: A) the equilibrium price B) the law of demand C) the break-even point D) the junction 24 Multiple Choice Questions from Chapter 1 - 4 Practice for Mid-Term Test 6) Assume that Morgan, a would-be tycoon, decides to go into business for himself selling red socks door-to-door. If he wishes to avoid unncessary costs and legal fees by setting up the simplest form of business, he should establish A) a franchise B) a corporation. C) a sole proprietorship D) a partnership. 7) Kristine discovered that when she dropped the price of her paintings, more people were asking her to create paintings for them. Kristine is experiencing: A) the law of supply B) equilibrium C) the law of demand D) market price variations 8) Equilibrium in the market is attained when: A) there are no dramatic changes in the market over time B) the laws of supply and demand interact to set the price and quantity of a product at which buyers and sellers agree C) suppliers are willing to produce the quantity demanded D) consumers are willing to pay the price being charged 9) The economic system in which producers and consumers control production and allocation decisions through supply and demand is called: A) market economy B) planned economy C) communism D) socialism 10) Low unemployment can result in A) increases in wage rates. B) a shortage of labor. C) neither of the above D) both of the above 24 Multiple Choice Questions from Chapter 1 - 4 Practice for Mid-Term Test 11) A major producer of televisions is experiencing difficulty in selling its products. A corporate decision is made to lower the price, anticipating that sales will increase as a result of the lower price. This illustrates: A) the law of supply B) the law of supply and demand C) the law of market price D) the law of demand 12) Market economies have all of the foll
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