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PMC107 Midterm Review

The midterm exam will be 50 multiple choice and true/false questions covering material from chapters 1,2,3,4,6,7 and 9 of the textbook. It will be administered through the LMS and lockdown browser during a scheduled class and last 1 hour and 15 minutes. Students should focus on key concepts from the highlighted chapters, including factors of production, economic systems, international trade, government organizations, business structures and organizational theories.

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jonnadeloju
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30 views2 pages

PMC107 Midterm Review

The midterm exam will be 50 multiple choice and true/false questions covering material from chapters 1,2,3,4,6,7 and 9 of the textbook. It will be administered through the LMS and lockdown browser during a scheduled class and last 1 hour and 15 minutes. Students should focus on key concepts from the highlighted chapters, including factors of production, economic systems, international trade, government organizations, business structures and organizational theories.

Uploaded by

jonnadeloju
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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The midterm is 50 questions, it will be held during class time. It will and start at 1:30PM EST.

If
you have not done your lockdown browser test, please do so. I will give you an hour and 15 minutes to
complete. That gives you one and a half minute for each question

Midterm will be administered through LMS and lockdown browser will be used. Please ensure that you
are facing the screen and do not look around elsewhere in the room or the video will be flagged. Also,
lockdown browser records audio so please be sure that you are not reading the question aloud.

Midterm will cover material from chapters 1,2,3,4,6,7 and 9. The questions are evenly divided among
the chapters. The midterm is worth 20% of your final mark. There are 15 true or false and 35 multiple
choice.

These are the areas you should focus most of your attention on:

Chapter 1

-The differences between revenue and profit

-the 5 factors of production

-the affect of risk on business

-what quality of life is

-know what a social entrepreneur does

Chapter 2

-the properties of macroeconomists and what macroeconomists focus on in their work

-The properties and differences of capitalist, socialist and communist nations

-the relationship between supply and demand

-know the differences between perfect competition, monopolies, monopolistic competition and
oligopolies

Chapter 3

-the differences between comparative and absolute advantage

-The importance of importing and exporting to a Country

-how exporting affects the Canadian economy and what are some of the largest trading partners

-Nations with emergent markets which are drawing interest from exporters in North America

Chapter 4

-The definition of crown corporations and where they can be found

-What happens when the government runs a budget deficit


-The definitions of privatization and deregulation and the difference between the two

-How Fiscal policy affects the Canadian economy

Chapter 6

-know the 3 major forms of business ownership in Canada

-The role of franchising in Canada and which Nation is it’s largest market

-the advantages and disadvantages of sole proprietorships, partnerships and corporations

-the elements involved in creating an effective sole proprietorship, partnership and corporations

Chapter 7

-what are Microentrepreneurs

-Home based businesses in Canada focus mostly on what sector

-what are intrapreneurs

-what does an angel investor do

-the primary concerns of someone who is just starting a business (for example is it HR, accounting,
financing, planning, public relations, etc.)

Chapter 9

-the definition and advantages of economies of scale

-be sure to study Henri Fayol’s and Max Weber’s organizational theories

-the definition of mass production

-different business structures that companies are trying out in order to be more competitive and closer
to the customer

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