OMGT 129 Final Test

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School

Centennial College *

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Course

129

Subject

Economics

Date

Feb 20, 2024

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docx

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Uploaded by JudgeNeutronBear32

1. _______________ can have a positive impact on the environment through recycling, reusing materials and products, or refurbishing used products and reducing the environmental impact of certain modes of transportation used for returns. - reverse logistics 2. ________________ creates the flow of goods between supply chain partners, such that costs, service requirements, competitive advantage, and profits can be optimized. - logistics 3. A clothing manufacturer presently owns a total of four warehouses in the following cities Las Vegas, Denver, Chicago, and Pittsburgh. The average inventory levels for the four warehouses are 7000 units, 6,000 units, 5,000 units, and 6000 units, respectively. They plan on moving all of their inventory to one warehouse in Las Vegas. Using the square root rule, what will be the required average inventory level at the new Las Vegas warehouse required to maintain the system's present customer service level? (Choose the closest answer.) - 12,000 4. A market in which the economies of scale are so great that the largest firm has the lowest costs and is able to drive out competitors is called a(n) - natural monopoly. 5. A strong industrial policy: - helps firms compete in a fast-moving global economy. 6. According to the textbook, the initial step in creating an effective performance measurement system is to: - Identify the firm's strategic objectives 7. Advocates of privatization base their positions on the need for efficiency and overall performance. - true 8. After the 1950s, most Congressional legislation that affected business was - concerned largely with the quality of life. 9. Air carriers most favorably when the distance is long and the shipments are heavy or bulky – False 10. All of the following are reasons that government regulation of business is needed except - maintain competitive markets. 11. Arguments against industrial policy include all of the following except. - The need to rescue "sunset" industries. 12. Arguments against privatization include all of these except: - service provisions. 13. Arguments for industrial policy include all of the following except - stifling innovation.

14. Building, maintaining and strengthening beneficial relationships and suppliers and customers is accomplished through the use of – External process integration 15. Business generally follows the ethic of - individualism. 16. Companies typically like to design scorecards that fit their business and industry. As a result there are now software applications that can help companies design scorecards that fit their individual needs. These web-based balanced scorecard applications are often referred to as: - Performance dashboards 17. Cycle counting means to physically count inventory on a periodic basis. – True 18. Decision regarding the types of parts purchased, suppliers used and the manufacturing process employed, should be decided in which phase of the supply chain integration model: - Review and establish supply chain strategies 19. Dependent demand must be forecasted to be accurate – False 20. Deregulation has provided uniform benefits for all parties affected. - false 21. Early economic regulations and the government bodies that administered them were usually formed along industry lines. - true 22. Every form of state intervention that affects industry as a distinct part of the economy is called - industrial policy. 23. Generally speaking, motor carriers are less expensive than rail carriers to haul goods. - False 24. Global location decisions are made to optimize the performance of supply chains and to be consistent with the firm’s competitive strategy . – True 25. Government attempts to persuade business to act in the public interest are called - moral suasion. 26. Government influences business through all of the following nonregulatory methods except - requiring equal employment opportunities be granted to job applicants. 27. Government intervention in business began with - a push for tariffs. 28. Government intervention in monopolistic industries is often brought about by - anticompetitive practices. 29. Government is generally thought to follow the ethic of - collectivism.

30. Government payments to industries or groups with special qualifications are called - subsidies. 31. Government regulation generally arises out of some type of market failure. - true 32. Government regulation of business through the control of economic or market variables is a form of - economic regulation. 33. Government regulations have been criticized for all the following reasons except - being ineffective. 34. Government's new role in its relationship with business during the New Deal era was one of - restoring prosperity and promoting economic growth. 35. Governmental regulations that seek to further societal objectives are examples of - social regulation. 36.If an item is ordered using its economic order quantity, the annual carrying cost should be: - equal to the annual ordering cost. 37.If at the end of the year, the cost of revenue = $2,500, total revenue = $12,000 and inventory value = $2,000, the inventory turnover ratio would be: - 1.250 38.If your company had an annual purchase cost of items equal to $2,000,000, an annual holding cost of $150,000 and an annual ordering cost of $50,000 this scenario would reveal that: - Your order lot size was higher than the EOQ 39. In many ways the most controversial aspect of the government/business relationship is regulation. - true 40. In the U.S., which of the five basic modes of transportation is responsible for the largest volume (in tonnage) of domestic freight hauled? - motor carriers 41. In well-managed supply chain, performances measurement systems become smaller and less complicated due to the closer relationships, trust and interactions – False 42.Independent demand is the: - Demand for a firm's end products. 43. Industrial policy is: - a powerful nonregulating approach by government to influence business. 44. Keeping people informed is an important social goal of government. - true 45. Lean warehousing may involve all of the following capabilities EXCEPT: - decreased automation

46. Limitations of air carrier transport include cost and airport accessibility – True 47. Logistics affects the supply chain function by: Determining how deliveries can be made in a timely manner 48.Lubricants for production equipment which are not parts of the final products are called: - Maintenance, repair and operating supplies 49. Many government regulations over business have been created by the efforts of special interest groups. - true 50. Many Multinational corporations are moving to their facilities into China to have access to the local markets rather than for export reason – true 51. Modem goals for business include all of the following except - promoting the social welfare. 52. Most Congressional legislation before the 1950s that affected business was - economic in nature. 53.MRO supplies are a type of work-in-progress. - FALSE 54. Negative externalities are often referred to as - social costs. 55. Negative externalities are the additional costs incurred by business due to the outside regulations placed by government. - false 56. Newer social regulations covers business practices in all industries. - true 57.OMGT 129 Final Test 58. One of the most direct ways in which government influences business is through transfer payments. - false 59. One of the recurring problems in industries that have been deregulated is that they tend to become dominated by a few finns. - true 60. Our goals for business focus solely on the production and distribution of goods and services. - false 61. Proponents of privatization want government to be a producer of services. - false 62. Providing time and place utility - Creating the flow of goods between supply chain partners 63. regarding the types of parts purchased, suppliers used and the manufacturing process employed, should be decided in which phase of the supply chain integration model: - Review and establish supply chain strategies

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