Test 1 Essay

8575 WordsJul 6, 201135 Pages
MULTIPLE CHOICE 1. Which one of the following basic patterns of demand is difficult to predict because it is affected by national or international events or because of a lack of demand history reflecting the stages of demand from product development to decline? a. Horizontal b. Seasonal c. Random d. Cyclical • Answer: d Reference: Demand Patterns Difficulty: Moderate Keywords: cyclical demand pattern 2. The electricity bill at Padco was driven solely by the lights throughout the office; everything else was driven by alternative energy sources. The office was open roughly 8 hours a day, five days a week and the cleaning crew spent about the same amount of time in the offices each week night. The kilowatt hour usage for the office was best described as a: a. horizontal demand pattern. b. random demand pattern. c. seasonal demand pattern. d. cyclical demand pattern. • Answer: a Reference: Demand Patterns Difficulty: Easy Keywords: horizontal demand pattern 3. A regression equation with a coefficient of determination near one would be most likely to occur when the data demonstrated a: a. seasonal demand pattern. b. trend demand pattern. c. cyclical demand pattern. d. random demand pattern. • Answer: b Reference: Demand Patterns Difficulty: Easy Keywords: trend demand pattern, coefficient of determination, regression equation 4. Professor Willis noted that the popularity of his office hours mysteriously rose in the middle and the end of each semester, falling off to virtually no visitors throughout the rest of the year. The demand pattern at work is: a. cyclical. b. random. c. seasonal. d. trend. • Answer: c Reference: Demand Patterns

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