Complete Test Bank Contemporary Logistics 12th Edition Murphy Questions & Answers with rationales (Chapter 1-14)

1 Contemporary Logistics 12th Edition Murphy Test Bank TEST BANK CHAPTER 1: AN OVERVIEW OF LOGISTICS Multiple Choice Questions (correct answers are bolded) 1. Logistics clearly contributes to and utility. a. time; place b. form; time c. place; form d. possession; time [LO 1.1: To discuss the economic impacts of logistics; Moderate; Application; AACSB Category 3: Analytical thinking] 2. utility refers to the value or usefulness that comes from a customer being able to take possession of a product. a. Time b. Place c. Form d. Possession [LO 1.1: To discuss the economic impacts of logistics; Easy; Concept; AACSB Category 3: Analytical thinking] 3. utility refers to having products available where they are needed by customers. a. Possession b. Time c. Place d. Form [LO 1.1: To discuss the economic impacts of logistics; Easy; Concept; AACSB Category 3: Analytical thinking] 4. All of the following are types of economic utility except: 2 a. time. b. production. c. place. d. possession. [LO 1.1: To discuss the economic impacts of logistics; Moderate; Synthesis; AACSB Category 3: Analytical thinking] 5. “How well a company does what it says it’s going to do” represents . a. efficiency b. productivity c. quality d. effectiveness [LO 1.2: To define what logistics is; Easy; Concept; AASCB Category 3: Analytical thinking] 6. What concept refers to “how well company resources are used to achieve what a company promises it can do”? a. efficiency b. productivity c. reengineering d. effectiveness [LO 1.2: To define what logistics is; Easy; Concept; AASCB Category 3: Analytical thinking] 7. Every customer getting the same type and level of logistics service refers to . a. tailored logisti cs b. mass logistics c. effectiveness d. efficiency [LO 1.2: To define what logistics is; Easy; Concept; AASCB Category 3: Analytical thinking] 8. Which of the following is not a reason for the increased importance of logistics? a. growing power of manufacturers b. reduction in economic regulation c. globalization of trade d. technological advances [LO 1.3: To analyze the increased importance of logistics; Moderate; Synthesis; AACSB Category 3: Analytical thinking] 9. Widespread reductions in economic regulation of U.S. transportation carriers occurred in 3 . a. the 1960s and 1970s b. the 1970s and 1980s c. the 1980s and 1990s d. only the 1990s [LO 1:3: To analyze the increased importance of logistics; Easy; Application; AACSB Category 3: Analytical thinking] 10. The concept suggests that the customer desires a product offering that is highly tailored to the customer’s exact preferences. a. market demassification b. relationship marketing c. customized customer d. niche marketing [LO 1.3: To analyze the increased importance of logistics; Easy; Concept; AACSB Category 3: Analytical thinking] 11. Approximately percent of U.S. families with children reports that both parents work. a. 70 b. 60 c. 50 d. 40 [LO 1.3: To analyze the increased importance of logi stics; Moderate; Application; AACSB Category 3: Analytical thinking] 12. refers to the removal of intermediaries between producer and consumer. a. Direct channel b. Market demassification c. Consolidation d. Disintermediation [LO 1.3: To analyze the increased importance of logistics; Easy; Concept; AACSB Category 3: Analytical thinking] 13. are stores with large amounts of both floor space and product for sale. a. Mass merchandisers b. Power retailers 4 c. Big-box retailers d. Do-it-yourself (DIY) retailers [LO 1.3: To analyze the increased importance of logistics; Easy; Application; AACSB Category 3: Analytical thinking] 14. An example of involves ordering something online and then picking it up at a bricks -and-mortar store. a. supply chain management b. finance c. omnichannel retailing d. big-box retailing [LO 1.3: To analyze the increased importance of logistics; Easy; Application; AACSB Category 3: Analytical thinking] 15. World trade has grown at an average annual rate of approximately percent since 1990. a. 6 b. 5 c. 4 d. 3 [LO 1.3: To analyze the increased importance of logistics; Moderate; Application; AACSB Category 3: Analytical thinking] 16. The approach indicates that a company’s objectives can be realized by recognizing the mutual interdependence of major functional areas. a. systems b. supply chain c. physical distribution d. materials management [LO 1.4: To discuss the systems and total cost approaches to logistics; Easy; Concept; AACSB Category 3: Analytical thinking] 17. The movement and storage of materials into a firm refers to . a. physical distribution b. materials management c. supply chain management d. materials handling [LO 1.4: To discuss the systems and total cost approaches to logistics; Easy; Concept; AACSB