COMPLETE TEST BANK CONTEMPORARY
LOGISTICS FINAL PAPER 2026 EXAM STUDY
SHEET GUARANTEED TO PASS
◉A
Barriers to Entry. Answer: Obstacles, or costs that would have to be
incurred by a firm joining industry incumbents in the battle for
customers and profits are known as:
a) Barriers to entry
b) Sunk cost
c) The opportunity cost of captial
d) A fixed cost of production.
◉A
Less Valuable, and no longer strategic. Answer: The value of a given
resource or capability must be reassessed periodically to ascertain if the
firm's business model and strategy are still relevant. If not reassessed
periodically, a once- valuable resource or capability may become:
,a) less valuable, and no longer strategic
b) more valuable, but remain strategic
c) less valuable but remain strategic
d) more value and more strategic.
◉D
Second Law of Demand. Answer: In the long run, elasticity, |e|, increases
since, all else equal, products attract imitators and customers may get
bored. Economists call this:
a) The first law of demand.
b) Substitution effect
c) Time elasticity of demand
d) Second law of demand.
◉C
Third Law of Demand. Answer: All else equal, as price increases,
demand curves become more price elastic as purchase becomes larger
share of budget. Economists call this:
,a) The budget constraint effect
b) The second law of demand
c) The third law of demand
d) the equimarginal rule.
◉A
Above normal returns on the investments in companies they own, over
time. Answer: A capitalist firm's residual claimants bear risk and
uncertainty since they have a legal claim to economic profit, but that
profit can be zero or negative. Residual claimants can diversify their
portfolios, but expect:
a) Above normal returns on the investments in companies they own,
over time
b) At least normal returns on the investments they have made, in the
short run
c) Positive accounting profits in both the short and long run
d) Returns equal to the sum of explicit and implicit costs.
◉B
, Relevant. Answer: The text states that only costs and benefits that vary
with the consequences of a decision, and labeled these costs and benefits
as being:
a) Sunk
b) Relevant
c) Variable
d) Consequential.
◉B
Social Scientists. Answer: Managers' responses to problems are likely to
depend on their understanding of people's motives and their forecast of
people's reactions--their responses depend on their underlying model of
behavior. Therefore, it is appropriate to characterize managers as:
a) Members of the moral-cultural elite
b) Social scientists
c) Academic economists
d) Behavioral experts.
◉B
LOGISTICS FINAL PAPER 2026 EXAM STUDY
SHEET GUARANTEED TO PASS
◉A
Barriers to Entry. Answer: Obstacles, or costs that would have to be
incurred by a firm joining industry incumbents in the battle for
customers and profits are known as:
a) Barriers to entry
b) Sunk cost
c) The opportunity cost of captial
d) A fixed cost of production.
◉A
Less Valuable, and no longer strategic. Answer: The value of a given
resource or capability must be reassessed periodically to ascertain if the
firm's business model and strategy are still relevant. If not reassessed
periodically, a once- valuable resource or capability may become:
,a) less valuable, and no longer strategic
b) more valuable, but remain strategic
c) less valuable but remain strategic
d) more value and more strategic.
◉D
Second Law of Demand. Answer: In the long run, elasticity, |e|, increases
since, all else equal, products attract imitators and customers may get
bored. Economists call this:
a) The first law of demand.
b) Substitution effect
c) Time elasticity of demand
d) Second law of demand.
◉C
Third Law of Demand. Answer: All else equal, as price increases,
demand curves become more price elastic as purchase becomes larger
share of budget. Economists call this:
,a) The budget constraint effect
b) The second law of demand
c) The third law of demand
d) the equimarginal rule.
◉A
Above normal returns on the investments in companies they own, over
time. Answer: A capitalist firm's residual claimants bear risk and
uncertainty since they have a legal claim to economic profit, but that
profit can be zero or negative. Residual claimants can diversify their
portfolios, but expect:
a) Above normal returns on the investments in companies they own,
over time
b) At least normal returns on the investments they have made, in the
short run
c) Positive accounting profits in both the short and long run
d) Returns equal to the sum of explicit and implicit costs.
◉B
, Relevant. Answer: The text states that only costs and benefits that vary
with the consequences of a decision, and labeled these costs and benefits
as being:
a) Sunk
b) Relevant
c) Variable
d) Consequential.
◉B
Social Scientists. Answer: Managers' responses to problems are likely to
depend on their understanding of people's motives and their forecast of
people's reactions--their responses depend on their underlying model of
behavior. Therefore, it is appropriate to characterize managers as:
a) Members of the moral-cultural elite
b) Social scientists
c) Academic economists
d) Behavioral experts.
◉B
