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midterm MCQ- 2011.pdf

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Management (MGT)

University Of Toronto at Scarborough MGTA03 - Introduction to Management I Mid-Term Test March 12, 2011 MULTIPLE CHOICE QUESTIONS BOOK VERSION 1 Family Given Name Name (Please print NEATLY) Student Number INSTRUCTIONS 1. On the SCANTRON answer sheet: PRINT your family name, PRINT your given name PRINT your student number 2. On the SCANTRON answer sheet fill in all the appropriate bubbles corresponding to your name, fill in all the appropriate bubbles corresponding to your student number 3. Instructions 1 and 2 (above) are an integral part of the examination. Failure to comply with these simple instructions causes additional work, delay and confusion. If you fail to complete the relevant sections of the SCANTRON sheet correctly and fully, you will have 5 marks deducted from your grade on this exam! 4. When recording your answers on the SCANTRON sheet, make sure you: a) Use a pencil b) Fill in the SCANTRON bubbles neatly and completely c) Erase any changes as completely as possible d) Be very careful to place each answer in the correct space 5. You have 90 minutes to write the exam. This booklet consists of 44 multiple-choice questions. MGTA03 Midterm Test March 12, 2011 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) What is the version of the exam you are writing? (Correct Answer is A) a) Version 1 b) Version 2 2) Which one of the following is not a characteristic of an oligopoly? a) great product differentiation b) prices differ greatly c) few sellers d) many buyers 3) Of the following, which is a way in which monopolistic competition differs from perfect competition? a) There are more sellers in a market characterized by monopolistic competition. b) It is easier for sellers to enter a market/industry characterized by monopolistic competition. c) In a market characterized by monopolistic competition, a few firms have some control over price. d) None of the above. 4) Entrepreneurs are important because they: a) provide all of the capital to start new businesses b) assemble and organise the resources to start new businesses c) both a and b are true. d) neither a nor b is true. 5) The price of cooking oil rises 5%. Tim Hortons then raises the price of its donuts by 9%. At the same time, the Highland Creek Bakery raises the price of its donuts by 5%. This kind of pricing strategy would suggest these businesses are engaged in: a) perfect competition b) a monopoly c) an oligopoly d) monopolistic competition Version 1 Page 2 of 11MGTA03 Midterm Test March 12, 2011 6) Labour includes: a) all the workers involved with the business b) only workers who do work directly to product or service c) only people who are not managers d) only employees who must be paid 7) When is an industry likely to be dominated by small business firms? a) where a lot of resources are needed b) where few resources are needed c) where machine, materials, employees, and money are needed d) where considerable resources, a distribution network, and advertising are needed 8) Mario's Pizzeria sells only two kind of pizza: plain and all-dressed. Last year, Mario's Pizzeria sold 2,000 all-dressed pizzas, selling them for $10 each. Mario's sold 10,000 plain pizzas at $5 each. The cost of the ingredients, the box, and all of the electricity and utilities to make the pizzas came to $20,000. In addition, Mario paid $10,000 rent for the store. Finally, Mario paid a total of $10,000 to a couple of students who worked part time, helping out on busy Friday and Saturday nights. Mario paid himself no salary, but took home all of the profits. Last year, Mario made a profit of a) $40,
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