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Its a a multiple choice homework in supply chain and finance area
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1.Accurate measurement of GDP is important to business decision-makers because this information will help them better determine the
a.
general happiness of a country's citizens.
b.
course of the economy and the direction of demand for their products.
c.
economic well-being of a particular group within a country.
d.
amount of leisure time available and the quality of life in a country.
2.Which of the following would increase U.S. GDP?
a.
Ford Motor Company begins to produce and sell cars in China.
b.
Mercedes-Benz begins to produce and sell cars in Mississippi.
c.
An American investor buys 100 shares of Ford stock.
d.
An American investor purchases 100 shares of Mercedes-Benz stock.
3.As per capita GDP has risen in the United States and other countries,
a.
life expectancy and leisure time have also risen and infant mortality and illiteracy have gone down..
b.
life expectancy has risen but leisure time has gone down, while infant mortality and illiteracy have remained the same.
c.
various quality of life variables have been unaffected.
d.
most quality of life variables such as life expectancy and expenditures on leisure time activities have fallen.
4.National income is
a.
personal income of individuals minus the taxes they pay.
b.
gross national product minus depreciation.
c.
employee compensation, self-employment income, interest, rents, plus corporate profits.
d.
consumption, investment, government expenditures, and net exports.
5.Per capita GDP is
a.
real GDP divided by the GDP deflator
b.
a measure of income per person
c.
a measure of resources available to each person
d.
an indicator of the overall production of a government
6.Economists use the term "business cycle" to refer to
a.
the growth of small businesses into major corporations.
b.
changes in products that occur from improved technology.
c.
fluctuations in the level of real output and employment.
d.
periods of increases and decreases in the rate of inflation.
7.The type of unemployment caused by changes in the business cycle is
a.
cyclical unemployment.
b.
natural unemployment.
c.
frictional unemployment.
d.
structural unemployment.
8.Frictional unemployment is the result of
a.
not enough jobs for everyone to be employed.
b.
unemployed workers' skills not matching those needed for the available jobs.
c.
a decline in the demand for labor, such as during a recession.
d.
imperfect information and temporary periods of unemployment while workers are changing jobs.
9.Economists use the phrase "business cycle" when referring to fluctuations in
a.
the rate of real output and employment.
b.
interest rates.
c.
the consumer price index.
d.
the general level of prices.
10.Activists and nonactivists both believe that
a.
the self-corrective mechanism of a market economy works quite well.
b.
macro-policy should seek to minimize economic fluctuations, keep the inflation rate low, and establish an environment consistent with strong economic growth.
c.
discretionary monetary and fiscal policy can be used successfully to speed the adjustment process and reduce the swings of the business cycle.
d.
policies that stimulate aggregate demand can reduce the long-term rate of unemployment.
11.The time between implementation of a macro-policy change and when the change exerts its primary influence is called the
a.
impact lag.
b.
recognition lag.
c.
administrative lag.
d.
tax reform lag.
12.Computer forecasting models are most accurate at predicting the economy when
a.
inflation is accelerating.
b.
there is a turn in the business cycle.
c.
economic conditions are relatively stable.
d.
supply shocks impact the economy.
13.Computer forecasting models have
a.
been able to forecast changes in the growth rate of real GDP with considerable accuracy.
b.
had only limited success predicting turns in key economic variables such as real GDP.
c.
been able to accurately forecast the future direction of inflation but not real GDP.
d.
been able to accurately forecast the future direction of real GDP but not inflation.
14.Which of the following is a widely-used and closely-watched forecasting tool concerning the future direction of the macro-economy?
a.
the excess reserves of commercial banks
b.
the Phillips curve
c.
the index of leading indicators
d.
the current budget deficit or surplus
e.
the velocity of the M1 money supply
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13. Which of the following is a common risk in adopting new technology?
a. The technology doesn't work as expected.
b. The technology quickly becomes obsolete by newer technologies.
c. The company and its employees are not able to fully capitalize on all the benefits of a technology.
d. Customers do not buy the new technology.
e. All of the above.
14. The advantages of outsourcing include the following, EXCEPT:
a. achieving higher performance.
b. greater flexibility.
c. cost reductions.
d. knowledge increases.
e. enhanced marketing.
15. Examples of key supply chain management decisions at the Sony Corporation include:
a. financing the capital expenditures related to the manufacturing capacity and the selection of product markets.
b. determination of the manufacturing capacity and the logistic network to move product between plants and product markets.
c. development of new products and the production of the product mix.
d. financing the capital expenditures to produce the various product mixes.
e. marketing the product mix and the determination of the supplier network.
16. If an organization invests in prevention costs:
a. internal failure costs, external failure costs and assurance costs may also be reduced.
b. internal failure costs, external failure costs and assurance costs will increase.
c. internal failure costs, external failure costs and assurance costs will not be impacted.
d. internal failure costs and external failure costs will be reduced but appraisal cost will increase.
e. internal failure costs and external failure costs will increase and appraisal cost will decrease.
17. A typical product will go through the following stages in the product life cycle, EXCEPT:
a. introduction.
b. growth.
c. decline.
d. phase out.
e. maturity.
18. In the service process matrix the mass service is categorized by:
a. low customer involvement and high labor intensity.
b. low customer involvement and low labor intensity.
c. high customer involvement and high labor intensity.
d. high customer involvement and low labor intensity.
e. None of the above.
19. A ________ is scheduled when planned on-hand inventory is equal to or less than safety stock.
a. beginning inventory
b. gross requirements
c. planned receipts
d. scheduled receipts
e. projected on-hand inventory
20. If a project needs to be crashed, the manager will typically focus on activities which:
a. are not on the critical path.
b. are costly to crash.
c. are the least costly to crash.
d. are on the critical path and are the least costly to crash.
e. are on the critical path and are the most costly to crash.
21. The firms two best selling products sell at the following profit margin: $20 for product 1 and $40 for product 2. The marketing department recommends that at least 100 of each type of product be produced per day. Product 1 requires 5 labor-hours in the fabrication department and 2 labor-hour in the assembly department. Product 2 requires 5 labor-hours in the fabrication department and 3 labor-hours in the assembly department. There are currently 150 workers in the fabrication department and 75 workers in the assembly department each shift. There are three 8-hour shifts per day (overtime is not permitted).
Formulate this information as a profit-maximizing linear programming problem with the following decision variables:
X1 = the number of units of product 1 produced
X2 = the number of units of product 2 produced
The assembly constraint should be expressed as:
a. X1 + X2 75
b. X1 + X2 1800
c. 2X1 + 3X2 75
d. 2X1 + 3X2 1800
e. 3X1 + 2X2 1800
22. The type of waste present in a production system is that associated with the unevenness of the processes is known as:
a. JIT.
b. mura.
c. muda.
d. muri.
e. kaizen.
23. Which type of manufacturing technology is used to assist in tracking information related to the manufacturing process?
a. processing technologies
b. design technologies
c. product technologies
d. administrative technologies
e. manufacturing technologies
24. Which type of international production facility's primary role is to collect information?
a. offshore factory
b. source factory
c. server factory
d. contributor factory
e. outpost factory
25. DMAIC stands for
a. Define, Measure, Analyze, Improve, and Control
b. Dog, Mail, Analyze, Insurance, Copy
c. Nothing
d. Define, Measure, Analyze, Intern, Control
e. Define, Measure, Analyyze, Improve, Cost
