SCMN 3710 Exam 1 (Strickland) Questions With 100% Accurate Answers

SCMN 3710 Exam 1 (Strickland) Questions With 100% Accurate Answers What external change drivers have had the most impact on the development of global supply chains in the 21st century? - Answer-a. Technology Describe the evolution from the physical distribution concept of the 1960s to the integrated logistics concept of the 1980s to the supply chain concept of today - Answer-a. Supply chains are extended enterprises which require managing four flows—products, information, financials (cash), and demand on a collaborative basis. What is meant by extended enterprise? - Answer-is a loosely coupled, self-organizing network of firms that combine their economic output to provide products and services offerings to the market What are the 3 two-way supply chain flows (not demand)? - Answer-a. PRODUCT FLOW i. Physical movement of goods and materials b. INFORMATION FLOW i. Enabling physical flow of products ii. Decision making iii. Supply chain collaborations c. CASH FLOW i. Management of working capital Which retailer was #1 in sales in 2017 (as well as 2000 & 2010)? - Answer-a. Walmart Explain how absolute advantage and comparative advantage provide a rationale for global trade. - Answer-a. Absolute advantage i. Lower cost and/or access to items not available locally b. Comparative advantage i. Differences in the cost of producing products in different countries Explain how population size and distribution, urbanization, land and resources, technology and information, and the globalized economy affect global trade. - AnswerWhat is the most populous country in the world and which one is expected to be the most populous by 2050? - Answer-a. China is the most populated country, but India will be more populated by 2050 What is a megacity? - Answer-a. A very large city, typically one with a population of over ten million people. What % of the world's population is projected to be living in urban areas by 2030? - Answer-a. 60% will live in urban areas What is the USA's trade deficit overall and how much of it is with China? - Answer-The U.S. goods and services trade deficit with China was $335.4 billion in 2017. China is currently our largest goods trading partner with $635.4 billion in total (two way) goods trade during 2017. Goods exports totaled $129.9 billion; goods imports totaled $505.5 billion. Which countries are the top U.S. trading partners from both an import and export perspective? - Answer-a. China, Canada, and Mexico Explain the balancing act of maintaining security without shutting down global trade flows in the face of the risk of terrorism. - AnswerWhat is NAFTA, and what is its current state? - Answer-a. NAFTA establishes free trade among Canada, the United States, and Mexico. b. NAFTA's goals involve making structural changes to operate a borderless logistics network in North America. CONTINUES...