Test Answers on supply and demand

derived demand

question derived demand answer Business demand that ultimately comes from (derives from) the demand for consumer goods. question marginal product answer The increase in output that arises from an additional unit of input question marginal revenue product answer The addition to total revenue from selling the additional output from employing one more unit of a […]

Read more
Chapter 2 – Role of Logistics in Supply Chains

question Council of Supply Chain Management Professionals (CSCMP) answer the process of planning, implementing, and controlling procedures for the efficient and effective transportation and storage of goods including services, and related information from point of origin to the point of consumption for the purpose of conforming to customer requirements question Seven R’s of Logistics (Customer […]

Read more
Chapter 16 Supply Side Policy: Short-Run Options

question stagflation: answer The simultaneous occurrence of substantial unemployment and inflation question aggregate supply (AS): answer The total quantity of output (real GDP) producers are willing and able to supply at alternative price levels in a given time period, ceteris paribus. question Phillips curve: answer A historical (inverse) relationship between the rate of unemployment and […]

Read more
Retailing Chapter 5: Managing the Supply Chain

question Supply Chain answer Set of institutions that move goods from the point of production to the point of consumption. question Channel answer Used interchangeably with supply chain. question Primary Marketing Institutions answer Channel members that take title to the goods as they move through the marketing channel. They include manufacturers, wholesalers, and retailers. question […]

Read more
Ch 15- supply chain

question Sophie made pies and sold them from her food trailer at businesses. This is an example of a(n) A. direct marketing channel. B. distribution center. C. simplified transaction. D. wholesale operation. E. indirect marketing channel. answer A. direct marketing channel. question Students of marketing often overlook or underestimate the importance of place in the […]

Read more
Price Elasticity Of Demand Test Questions

question Demand Elasticity answer A measure of how quantity demanded will be affected by a change in price, income or related variables. question Elasticity answer Measures the extent to which demand will change given a change in price question Price Elasticity of Demand (PƐD) answer The responsiveness of changes in demand given a change in […]

Read more
CH 6 ECON: Demand, Supply, and Prices

question market equilibrium answer occurs when the quantity demanded and the quantity supplied at a particular price are equal question equilibrium price answer is the price @ which the quantity demanded and the quantity supplied are equal question surplus answer is the result of quantity supplied being greater than quantity demanded question shortage answer is […]

Read more
Demand Side & Supply Side Policies

question Goals of demand-side policies answer Price stability, full employment, economic growth question Demand side policies definition? answer Change AD question Discretionary policy definition? answer Active and purposeful gov intervention to influence AD question Types of discretionary policy answer Fiscal policy, monetary policy question Stabilization policy definition? answer Attempt to reduce short run fluctuations in […]

Read more
Intro to Supply Chain – Practice Exam 1 Q’s

question Supply Chain management starts with understanding the flow answer True question The bullwhip effect can occur when the demand for a product is based on a forecast, rather than on actual consumer requirements/consumption. answer True question In the Make-to-Order or Pull Model, stock is produced on the basis of anticipated (i.e., forecasted) demand answer […]

Read more
Understanding Anesthesia Equipment Chapter 2: Gas supply and distribution system (Dorsch and Dorsch)

question pipeline system use answer to deliver non-flammable gases such as oxygen, nitrous oxide, air, carbon dioxide and nitrogen question NFPA answer national fire protection association question CGA answer compressed gas association question most medical pipeline systems are designed to conform to what standards answer NFPA, CGA question reserve supply answer used for emergencies or […]

Read more
01.09 Module One Exam Economics

question An increase in demand causes the demand curve to answer shift to the right question What would cause the overall demand for books to increase? answer A celebrity commercial encouraging reading question Use the cost-benefit analysis table to answer the question: Cost 1. Losing an opportunity for fun with friends 2. Losing an opportunity […]

Read more
Factors that Shift Supply: ROTTEN

question R answer resource price/costs: if the price of resources increase, the curve shifts to the left, b/c the price must increase question O answer orders/regulations: government regulates question T answer technology: makes things less expensive to produce- shifts to the right question T answer taxes/subsidies: government takes/gives $ question E answer expectations of producers […]

Read more
Supply (RATNEST) & Demand(TIMER) Shifts

question T (consumer taste) answer “change in taste” question I answer “change in income” question M answer “change in market” question E answer “expectations” question R answer “price of related goods” question R: (wages&raw materials) answer “resource costs” question A: (substitute in production) answer “alternative output price changes” question T: (new technology) answer “technological improvement” […]

Read more
supply chain exam 3 test bank

question The resource and operations planning done by operations managers is intended to balance capacity and output. answer T question MRP is the production planning system intended to develop long-range plans (more than a year away) concerning product families manufactured by the organization. answer F APP question The three basic production strategies for addressing the […]

Read more
01.09 Module One Exam Answers

question If the x-axis is Quantity, and the y-axis is Price, what does line S1 represent? answer The supply of a product at time 1 question A doctor at Boston University partnered with a professor at Northeastern University to create a virtual support program for patients recently discharged from the hospital. How would they answer […]

Read more
Supply chain final essay

question What are the three phases of globalization? Pick one and discuss. answer Globalization was initially driven by countries (1400-1800) seeking materials and goods not available in their own land, but they also had imperialistic objectives of enhancing their economic and political power. The second era of globalization (1800-2000) was driven by companies seeking goods […]

Read more
Supply Demand Integration

question Manufacturing planning and control (MPC) includes which of the following activities? I. Material management II. product marketing III. coordinating suppliers answer I and III question In the MPC process, capacity decisions (equipment, facilities, suppliers, etc.) are most likely to occur in which time horizon? answer long question In the MPC process, detailed scheduling decision […]

Read more
01.06 Soap Opera of Supply and Demand Quiz

question Creative Commons The price (P) of designer jeans is affected by the supply (S) and the demand (D). Which of these represents an equilibrium price for designer jeans? answer The intersection of P1 and Q1 question Creative Commons The price (P) of designer jeans is affected by the supply (S) and the demand (D). […]

Read more
Supply – Flashcard

question When we say in economics that there is an increase in supply, we mean that the supply curve: answer Shifts to the right. question Payments (Subsidies or changes (taxes) initially affect the: answer -Quantity trade and the market price of the good and services. -Supply of output in the market place. question On the […]

Read more
01.09 Module One Exam

question The supply and demand curves reflect data for a specific brand of sunglasses. Which circumstance best explains the shift of the demand curve from D to D1? answer question Use the cost-benefit analysis table to answer the question: Should Mrs. Baxter allow her students to take an open-book test? Which of the following would […]

Read more
Supply Chain Chapter 7

question T or F: Outbound-to-customer logistics systems are also referred to as physical distribution. answer True question T or F: Materials management and physical supply are terms that can NOT be used interchangeably. answer False question T or F: Demand management might be defined as focused efforts to estimate and manage customers’ demand, with the […]

Read more

Get instant access to
all materials

Become a Member