MGT 342 Chapters 1-14 1. Please pick the correct formula for elasticity

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MGT 342 Chapters 1-14 1. Please pick the correct formula for elasticity

MGT 342 Chapters 1-14

1. Please pick the correct formula for elasticity:

a.

% change in quantity / change in price

b.

price/quantity

c.

% change in price / % change in quantity

d.

% change in quantity / % change in price

2. What is the primary division between motor carriers?

a.

Local and long haul

b.

LTL and Truckload

c.

Intrastate and interstate

d.

For hire and private

3. One highly effective way to reduce the bull whip effect is to replace inventory with

a.

transportation

b.

information

c.

on line ordering

d.

closer manufacturing

4. The Supreme Court decided that the pipelines are required to operate as common carriers if a shipper of oil demands their services. This decision is known as the:

a.

Standard Oil Case.

b.

Alaska North Slope Case.

c.

Champlin Oil Case.

d.

Hepburn Case.

5. Air carrier revenues are concentrated in which group of carriers?

a.

all-cargo, exempt, commuters and private

b.

commuters, charters, all-cargo

c.

major, nationals, regionals

d.

private, regulated, exempt

6. What is the difference between TOFC and COFC service?

a.

TOFC is slower and cheaper

b.

not all railroads can handle COFC

c.

that COFC is more costly

d.

one method move the trailer on its wheels and the other moves only the “box” or the container.

7. The water carrier’s principal competitor for the movement of grain, coal, and ores is which mode of transportation?

a.

pipelines

b.

Canadian and foreign owned water carriers

c.

railroads

d.

motor carriers

8. What does most of the of the trucking industry consists of?

a.

carriers operating 6 or fewer trucks

b.

private trucking

c.

LTL carriers

d.

specialized carriers

9. A key strategy that has enabled companies to successfully meet the demands of empowered consumers is:

a.

lower prices

b.

better quality

c.

collaboration

d.

24 hour service

10. Which mode of transportation has had the greatest impact on the location of major cities?

a.

Motor

b.

Water

c.

Rail

d.

Pipeline

11. Which of the following is a type of product loss?

a.

Pilferage

b.

Damage

c.

Climate control failure

d.

Labor disruption

12. What is one of the primary reasons for the growth of trucking after World War II?

a.

Trucks became larger and faster

b.

Shippers liked the door to door service which trucks could provide

c.

The Interstate Highway System was constructed which allowed trucks to give faster service over longer distances.

d.

The railroads gave up on truck type freight and stopped seeking it.

13. The Maritime Transportation Security Act of 2002 is intended to:

a.

Protect U.S. ports and waterways from terrorist attack

b.

Reduce the threat that a maritime container will be used to deliver a weapon

c.

Streamline cargo manifests

d.

Establish ocean based power generation

14. What is the term for an external supplier that perform all or part of an organizations logistics services?

a.

Freight forwarder

b.

Consultant

c.

Third party logistics service provider (3PL)

d.

Just in time provider

15. Which transportation mode provides high capacity and low cost?

a.

Air

b.

Pipeline

c.

Water

d.

Truck

16. Which of the following commodities would be most likely to be shipped on an air carrier?

a.

commodities in high volume

b.

low-value finished goods

c.

raw materials and partially-finished goods

d.

high-value and time-sensitive goods

17. How many Class 1 rail companies are there?

a.

5

b.

7

c.

66

d.

18

18. What is a Private Carrier?

a.

a trucking firm whose stock is not listed on any of the stock exchanges

b.

a trucking firm whose name does not appear on the equipment

c.

a tricking operation that only hauls freight for the firm which owns it

d.

a trucking firm that is not registered with the FMCSA

19 What medium is used to move coal in slurry lines?

a.

compressed air

b.

gas

c.

water

d.

vacuum

20. Some railroads have benefited from:
a.

imposition of federal safety regulations relieving the carrier of this task

b.

subsidies to operate abandoned rail liens the states and others continue to operate

c.

the government operated research facility at Pueblo, Colorado

d.

the new hours of service for truck drivers which reduced their productivity

3.
4.

21. Landed cost is:

a.

The fee associated with landing an aircraft at an airport

b.

The total cost of a product to include the transportation cost of getting it to market

c.

The cost of transportation

d.

Port charges

1.

22. Which legal system relies upon principles or rules of law that were developed from court decisions?
a.

statutory

b.

judicial memory

c.

common law

d.

common market

23. All carriers receive a safety fitness rating. Who makes the inspection and determines the rating?
a.

Surface Transportation Board

b.

National Highway Traffic Safety Board

c.

Federal Highway Administration

d.

Federal Motor Carrier Safety Administration

24. What is the primary division between motor carriers?
a.

Local and long haul

b.

LTL and Truckload

c.

Intrastate and interstate

d.

For hire and private

1.
2.

25. What two parameters are involved in risk assessment?

a.

Cost and impact

b.

Probability and impact

c.

Frequency and probability

d.

Duration and probability

26. Which of the following is not a risk management option?

a.

Risk retention

b.

Risk transfer

c.

A Mixed approach

d.

Elimination of all risk

27. Which type of INCOTERM is used when the importer takes full responsibility from the point of departure?

a.

C

b.

D

c.

E

d.

F

28. Which of the following is likely to have inelastic demand?

a.

Ambulance service

b.

Movie tickets

c.

LCD televisions

d.

Delivered pizza

29. Which technology is used to locate specific trailer and even pallets?

a.

RFID

b.

GPS

c.

ERP

d.

GIS

30. Companies may smartly outsource all of the following except:

a.

Information technology

b.

Core capabilities

c.

Manufacturing

d.

Logistics

31. 3PLs are typically categorized based upon their foundational service offering such as:

a.

Transportation, Distribution, and Marketing

b.

Forwarder, Distribution, and Human Resources

c.

Transportation, Distribution, and Forwarder

d.

Human Resources, Marketing, and Distribution

32. Looking at exports and imports combined who is the U.S.’s largest trading partner?

a.

Mexico

b.

China

c.

Japan

d.

Canada

Short Answer Questions (One Point Each)

33. There are at least three types of terminals. Name two.

34. An oligopoly can be defined as:

35. Which administration passed legislation in support of the interstate highway system?

36. What is the program called that has increased the efficiency and effectiveness of inventory management through collaboration?

37. After the abolition of the Interstate Commerce Commission (ICC) in 1995 the responsibilities for regulating private transportation were transferred to?

38. There are several service advantages to motor carrier. Name any three.

39. What factors, other than economic factors, has shaped the American transportation system?

40. Why is international cargo subject to a wide array of loss and damage risk?

41. What is the reason that the Truck Load market can be considered as monopolistics competition?

42. According to the book, what can be argued as the glue that holds the supply chain together?

43. According to the text book the definition of a 3PL is:

Questions 44 and 45 – ESSAY (Two Points)

What options do exporters and importers have to manage risk?

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