In Class Test 1 Answer Key.pdf

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Department
Rotman Commerce
Course
RSM219H1
Professor
Chris Boaird
Semester
Fall

Description
MULTIPLE CHOICEChoose the one alternative that best completes the statement or answers the question Question 1 asks about the version 2 Which one of the following is not a characteristic of an oligopoly a great product differentiationb prices differ greatlyc few sellersd many buyers3 Entrepreneurs are important because they a provide all of the capital to start new businessesb are good at making decisionsc assemble and organise the resources to start new businessesd are good managers 4 This week Marys Variety had sales of 4 000 employees were paid 1000 the cost of goodswas1 500 and rent was 500 Profit for the week was a 3 000b 1 000c 2 000d 1 500 5 When the population of a country does not change but the standard of living rises it is because a workers enjoy more social services such as health care and educationb workers earn higher incomes c workers on average have been more productived workers have greater access to markets6 Labour includesa everyone contributing labour to the businessb only workers who do productive workc only unionized employeesd only workers working for hourly wages rather than salary
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