Midterm 2009 answers

Midterm 2009 answers - page 1 of 10 R S M1 0 0 Y1 Y I N T...

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Unformatted text preview: page 1 of 10 R S M1 0 0 Y1 Y I N T RO D U C TI O N TO MA N A G E M EN T Rotman School of Management | Faculty of Arts & Science University of Toronto Midterm test Wednesday Oct 14, 2009 No Aids Allowed Duration 60 minutes (all students must remain for 60 minutes) 36 Multiple Choice Questions TOTAL MARKS = 36 NAME: STUDENT #: INSTRUCTIONS Please read carefully! Answer the following on the computer sheet. (Circled answers on the test paper will NOT be accepted). On the computer sheet, make sure you: Use an HB pencil; Write and BUBBLE IN your student number; Fill in your name and initials Completely bubble in your answers; Do not make any extra marks on your sheet. If you fail to follow all of these instructions, it could mean your sheet will not be read properly and that you will not get all the marks you deserve. Remember: Choose the best answer . There is no penalty for guessing. page 2 of 10 1. The three basic functions of money are: a. medium of exchange, portability and durability b. store of value, durability and medium of exchange c. unit of account, medium of exchange and store of value d. portability, stability and divisibility e. none of the above 2. If Velocity (V) is constant, a fall in the price level (P) means that a. the money supply fell and the level of transactions stayed the same b. the money supply rose and the level of transactions stayed the same c. the money supply stayed the same and the level of transactions fell d. the money supply rose and the level of transactions fell e. none of the above 3. Hume‟s “specie-flow” principle states that if a country always exports more goods to other countries than it imports then: a. gold will flow in and domestic prices will fall b. gold will flow in and domestic prices will rise c. gold will flow out and domestic prices will fall d. gold will flow out and domestic prices will rise e. gold will flow out and foreign prices will rise 4. Which of the following is certain to increase the “money multiplier” a. the central bank increases the reserves of the private banks b. the central bank decreases the reserves of the private banks c. the private banks keep higher reserves from each new deposit d. the private banks keep lower reserves from each new deposit e. none of the above; none will change the money multiplier 5. At present, the Bank of Canada directly controls a. the reserves of the private banks b. the short-term interest rate c. the long-term interest rate d. the rate of inflation e. the rate of unemployment page 3 of 10 6. Which of the following comes LAST in chronological order? a. the industrial revolution b. the Communist Manifesto c. the Wealth of Nations d. the Bolshevik revolution e. the emergence of industrial cartels and „Trusts‟ 7. Which of the following is NOT an idea attributable to Karl Marx?...
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This note was uploaded on 03/03/2011 for the course RSM 100 taught by Professor Oesch during the Spring '08 term at University of Toronto.

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Midterm 2009 answers - page 1 of 10 R S M1 0 0 Y1 Y I N T...

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