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MGTA01H3 Lecture Notes - Lecture 12: Scantron Corporation, Perfect Competition, AdvantageousExam


Department
Management
Course Code
MGTA01H3
Professor
Bill Mc Conkey
Study Guide
Final

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MGTA01 Introduction to Management
I MIDTERM EXAMINATION Professor Bill
McConkey June 22, 2014 @11am Multiple
Choice Booklet
Family Name: _________________________ First Name: __________________________
Student Number:
___________________________
INSTRUCTIONS
1. On the Scantron answer sheet, you
must
→ PRINT your family name,
→ PRINT your given name
PRINT your student number
2. On the Scantron answer sheet, you
must
→ fill in all the appropriate bubbles corresponding to your name, → fill
in all the appropriate bubbles corresponding to your student number
Instructions 1-2 (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
follow the above instructions (1-2), you will have 5 marks deducted from your grade on this
exam!
4. NO AIDS (i.e. calculators) are
allowed.

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5. When entering your answers on the Scantron
sheet:
→ Use a medium (HB) pencil → Fill in the bubbles neatly
and completely → Erase any changes as completely as
possible → Be very careful to place each answer in the
correct place
6. This booklet consists of 30 multiple choice
questions.
7. Total time for the exam is 90 minutes. No extra time will be provided for bubbling your
scantron.
8. This booklet consists of 7 numbered pages, including this one. Please check that you have
all the pages.
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada Page 1 www.utsc.utoronto.ca/mgmt
MGTA01 Midterm June
2015
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or
answers the question.
1) During a recession, which of the following problems is most likely to hurt a sole proprietorship?
a) sole proprietorships have higher cost structures than corporations or partnerships b) sole
proprietorships have lower sales per employee than other forms of business c) sole
proprietorships have a harder time retaining key employees because of limited promotional
opportunities d) sole proprietorships have less access to various sources of capital than
other forms of business.
2) You are considering taking over your family's small business. You may encounter:
a) disputes about control. b) difficulties in pricing it when it is
passed from parent to child. c) conflicting priorities. d) all of the
above. e) none of the above.
3) Which of the following would be included in the gross domestic product of Canada?
a) the profits earned by a Canadian-owned software developer in Russia b) the

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wages paid to Russian workers producing software for a Canadian company c) the
wages paid to Russian workers producing software for sale in Canada d) the
wages paid to software developers working for a Russian software company
operating in
Canada
4) Unemployment is the level of joblessness among
a) people actively seeking work in an economic system. b) people over the age
of 18 and under the age of 65 in a given economic system. c) people who have
been previously employed in an economic system. d) people over the age of 18
within a given economic system.
5) In an oligopoly, when one firm reduces its prices, how do the other firms of the industry react?
a) There is no reaction by any of the other firms. b) Others may
reduce their prices too, but very gradually over time. c) Others tend
to reduce theirs also, usually quite quickly. d) Others engage in a
spiraling price war.
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada Page 2 www.utsc.utoronto.ca/mgmt
MGTA01 Midterm June
2015
6) Which of the following best describes the term standard of living?
a) total quantity and quality of goods and services that a country's citizens can purchase
with
the currency used in their economic system b) total quantity of goods and services
produced by an economic system c) the overall quality of life produced by an economic
system d) total value of all goods and services produced by a national economy within a
given period,
regardless of where the factors of production are
located
7) Perfectly competitive markets exist when
a) there is no particular advantage to being a large supplier b) capital
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