Question : 41. Which of the following statements about customer relationship management (CRM) : 1295712

Economics

41. Which of the following statements about customer relationship management (CRM) is false?
A. It is often facilitated by ERP systems.
B. It can point out opportunities to take advantage of external but not internal linkages.
C. It allows an organization to manage the entire life cycle of its customer relationships.
D. It allows an organization to serve its customers better.

42. Which of the following would be the least likely to be found when a company customizes its business to its customers?
A. Providing special services to a customer.
B. Customizing the order process.
C. Developing a new product specifically for a certain customer.
D. Automating customer support so that all customers receive the same information.

43. The cost dimension of activity-based management focuses on:
A. which activities are performed.
B. why certain activities are performed.
C. improving the accuracy of cost information.
D. how well certain activities are performed.

44. Which of the following statements about activity-based management (ABM) is true?
A. It is the same as activity-based costing (ABC).
B. It focuses solely on answering the following questions – what activities are performed, why are they performed, and how well they are performed.
C. It is less helpful than in years past in helping companies to create and maintain a competitive advantage.
D. It has two dimensions – a process dimension and a cost dimension.

45. Which of the following is a goal of activity-based management (ABM)?
A. To allocate overhead costs to products based on the activities that drive those costs.
B. To increase non-value added costs.
C. To eliminate most overhead costs.
D. To eliminate activities that do not add value to goods and services.

46. In order to identify and eliminate non-value-added activities and costs, companies may implement:
A. activity-based costing (ABC).
B. activity-based management (ABM).
C. process costing.
D. traditional job costing.

47. The primary goal of activity-based management (ABM) is to:
A. coordinate supplier activities with the company’s activities.
B. manage employee productivity.
C. lower customer service activities as much as possible.
D. identify and eliminate activities and costs that do not provide value to goods and services.

48. The term used to describe a linked set of value-creating activities is called:
A. activity-based management.
B. activity-based costing.
C. value chain.
D. overhead allocation.

49. Which of the following would be the best example of a non-value-added activity?
A. Customer service
B. Product delivery
C. Storage of materials
D. Research and development

50. Which of the following is true regarding activity-based management (ABM)?
A. Its benefits are often realized overnight.
B. It attempts to eliminate value-added activities.
C. Minimal cooperation between the company and top management is required.
D. It requires a long-term commitment by management.

51. Which of the following statements is true regarding non-value-added activities?
A. They can be eliminated but the quality of the product is affected.
B. They occur only at the end of the production process.
C. They will never exist if a company uses a just-in-time (JIT) production process.
D. They cause costs to be incurred.

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July 1, 2023

61.When there is a shortage in a market, prices are likely to:

A. Fall because buyers do not wish to buy as much as sellers want to sell.

B. Rise because some buyers will offer to pay a higher price.

C. Fall because sellers are likely to reduce their production if prices rise.

D. Rise because the government will put a price ceiling in place.

62.If a market shortage exists:

A. The invisible hand will work to reduce the price.

B. The only solution is for the government to raise the price.

C. Producers will compete for customers by reducing prices.

D. Consumers will compete for the product by offering to pay more.

63.A market surplus occurs when:

A. People cannot buy the amount of goods and services that they are willing and able to buy.

B. The price is less than the equilibrium price.

C. The quantity supplied exceeds the quantity demanded at a given price.

D. There is a price ceiling.

64.When there is a surplus in a market, prices are likely to fall because:

A. Buyers do not wish to buy as much as sellers want to sell.

B. Some buyers will offer to pay a higher price, initiating a move up the supply curve.

C. Sellers are likely to increase their production.

D. Buyers will wait for the government to establish a price floor.

65.If a market surplus exists:

A. The only resolution is for the government to set the price.

B. Consumers will compete for the product buy offering to pay more.

C. Producers will compete for customers by reducing prices.

D. The equilibrium price is equal to the price ceiling.

66.If demand is constant, a decrease in the supply of gasoline will cause the equilibrium price:

A. To rise and quantity to fall.

B. And quantity both to rise.

C. To fall and quantity to rise.

D. And quantity both to fall.

67.If demand is constant, a leftward shift in the supply curve will result in:

A. A decrease in equilibrium quantity and a lower equilibrium price.

B. An increase in equilibrium quantity and a lower equilibrium price.

C. A decrease in equilibrium quantity and a higher equilibrium price.

D. An increase in equilibrium quantity and a higher equilibrium price.

68.The price of chocolate candy bars rises. This could be due to:

A. A decrease in the wage rate paid to workers in the candy bar factories.

B. A decrease in the cost of chocolate, which is used to produce candy bars.

C. A subsidy by the federal government for the producers of chocolate candy bars.

D. A decrease in the number of chocolate candy bar producers.

69.If demand is unchanged, a rightward shift in the supply curve for plasma TVs will cause:

A. A decrease in equilibrium quantity and a higher equilibrium price.

B. An increase in equilibrium quantity and a higher equilibrium price.

C. An increase in equilibrium quantity and a lower equilibrium price.

D. A decrease in equilibrium quantity and a lower equilibrium price.

70.Which of the following would cause a decrease in the price of automobiles?

A. A technological advance in automobile manufacturing.

B. An increase in the wages paid to automobile assembly line workers.

C. A decrease in the cost of gasoline.

D. An increase in the number of buyers.