Economics Quiz
Which of the following is NOT among the underpinnings of the JIT approach?
Zero inventories
Which of the following is NOT a principles reason for holding FINISHED GOODS inventory?
Prevention of production shutdown.
Which of the following applies to the "value of service" pricing model?
The model only considers the supply side of the transport pricing function.
Which does NOT belong as a legal freight document?
Routing guide
Which applies when rates are based upon the "cost of service"?
The demand for the service establishes the lower limit of the rate.
True or False: When a traffic manager REDUCES the number of carriers used, market power for the traffic manager's company is INCREASED.
True.
What are the typical characteristics …show more content…
The term supply chain information system (SCIS) is defined as:
Information systems that automate the flow of information between a firm and its suppliers.
The optimization model is based on...
Precise mathematical procedures
The objective of inventory management is to...
Increase corporate profitability.
The authors of your textbook would agree ____ would typically be the most optimal in terms of a domestic shipment for receiving inbound materials.
FOB Origin
True or False: JIT, MRP, MRP II, and DRP, incorporate some version of the basic EOQ model into their philosohpies.
True
JIT is a ____ pull system.
Pull
Jiffy company buys 500 cases of paper cups from The Paper Cup Company, under the terms of FOB Origin. The cups are damaged in transit. Who is responsible to submit the damage claim for insurance settlement?
Jiffy Company
INCREASING the number of warehouses will ____ the warehousing inventory costs but may ____ transportation costs. increase; decrease
True or False: INCREASING inventory turnover always lead to INCREASED …show more content…
Which of the following is a trend that has contributed to the growing importance of transportation?
Growth of demand for transportation during the past 50 years
The location model developed by Weber would suggest:
Weight gaining items should be located closest to the point of consumption.
Von Thunen suggested that:
Items with the highest value density should be located on the innermost concentric circle
The movement of freight and people has evolved over time and can be described as the “spatial evolution of economic systems.” Four major stages have occurred in this evolutionary process. The stages include which of the following?
Pre-industrial, industrial revolution, Fordism, and post-Fordism
Which of the following is true regarding Lardner’s Law and market reach?
If transportation costs are reduced in half, the radius of the market area doubles and the market area is four times as great.
Several factors contributed to a new growth phase at the close of the nineteenth century. Which of the following was one of these factors?
Shift from coal to oil as a fuel source for transportation
From a logistics perspective which of the following is not a key function or a form of economic utility of transportation?
Create
Zero inventories
Which of the following is NOT a principles reason for holding FINISHED GOODS inventory?
Prevention of production shutdown.
Which of the following applies to the "value of service" pricing model?
The model only considers the supply side of the transport pricing function.
Which does NOT belong as a legal freight document?
Routing guide
Which applies when rates are based upon the "cost of service"?
The demand for the service establishes the lower limit of the rate.
True or False: When a traffic manager REDUCES the number of carriers used, market power for the traffic manager's company is INCREASED.
True.
What are the typical characteristics …show more content…
The term supply chain information system (SCIS) is defined as:
Information systems that automate the flow of information between a firm and its suppliers.
The optimization model is based on...
Precise mathematical procedures
The objective of inventory management is to...
Increase corporate profitability.
The authors of your textbook would agree ____ would typically be the most optimal in terms of a domestic shipment for receiving inbound materials.
FOB Origin
True or False: JIT, MRP, MRP II, and DRP, incorporate some version of the basic EOQ model into their philosohpies.
True
JIT is a ____ pull system.
Pull
Jiffy company buys 500 cases of paper cups from The Paper Cup Company, under the terms of FOB Origin. The cups are damaged in transit. Who is responsible to submit the damage claim for insurance settlement?
Jiffy Company
INCREASING the number of warehouses will ____ the warehousing inventory costs but may ____ transportation costs. increase; decrease
True or False: INCREASING inventory turnover always lead to INCREASED …show more content…
Which of the following is a trend that has contributed to the growing importance of transportation?
Growth of demand for transportation during the past 50 years
The location model developed by Weber would suggest:
Weight gaining items should be located closest to the point of consumption.
Von Thunen suggested that:
Items with the highest value density should be located on the innermost concentric circle
The movement of freight and people has evolved over time and can be described as the “spatial evolution of economic systems.” Four major stages have occurred in this evolutionary process. The stages include which of the following?
Pre-industrial, industrial revolution, Fordism, and post-Fordism
Which of the following is true regarding Lardner’s Law and market reach?
If transportation costs are reduced in half, the radius of the market area doubles and the market area is four times as great.
Several factors contributed to a new growth phase at the close of the nineteenth century. Which of the following was one of these factors?
Shift from coal to oil as a fuel source for transportation
From a logistics perspective which of the following is not a key function or a form of economic utility of transportation?
Create