Reference no: EM132295468
1. In our textbook, we learn that the Economic Order Quantity is the order (or production) quantity which balances
a. setup times and batch size.
b. safety stocks and holding costs.
c. inventory turns and ordering (or “set up”) costs.
d. holding costs and ordering (or “set up”) costs.
e. None of the choices are correct.
2. Which of the following traits would tend to prevent entrepreneurs from establishing new firms?
Strong desire for achievement.
Strong locus of control.
Willingness to take risks and tolerate ambiguity.
The tendency to be a serial entrepreneur.
None of the above.
3. Which of the following would be least likely to enhance the credibility of a SME?
Specialize in standardized commodities such as books and airline tickets.
Use E-commerce sites.
Deal in products in which quality is an issue with consumers.
Form strategic alliances with larger firms.
Willingness to take ownership of intermediated goods and services.
4. A goat herder in a remote undeveloped village rents out her goat to locals who need the goat to graze down their poison ivy and other weeds. The goat is available 50 weeks per year (a herder likes to keep her goat home for the Holidays). Each year there are 40 villagers who randomly call requesting the goat. Villagers have different sizes of yards, so the amount of time they keep the goat is variable with an average of one week and a standard deviation of one week. How long does a villager have to wait for the goat, on average, after making a request?
1 week
2 weeks
4 weeks
There is no wait since the goat is only busy 40 out of the 50 weeks.