IMM 14 REAL EXAM QUESTIONS WITH CORRECT ANSWERS
During which phase of the product life cycle do profits start to decline?
A) Maturity
B) Growth
C) Decline
D) Introduction - Answer- A) Maturity
During which phase of the product life cycle do profits start to decline?
A) Maturity
B) G...
During which phase of the product life cycle do profits start to decline?
A) Maturity
B) Growth
C) Decline
D) Introduction - Answer- A) Maturity
During which phase of the product life cycle do profits start to decline?
A) Maturity
B) Growth
C) Decline
D) Introduction - Answer-
The process of making something less complex or less difficult is called:
A) specialization.
B) simplification.
C) standardization.
D) any of the above
E) none of the above - Answer- B) simplification.
Which of the following statements regarding standardization is true?
I. All products made to a given specification will be interchangeable.
II. A range of standard specifications can be established so that the range covers the
majority
of uses for the item.
III. Standardization results in a larger variety of parts.
A) II and III are true.
B) I and II are true.
C) I, II and III are true.
D) I and III are true.
E) None of the above is true. - Answer- B) I and II are true.
The establishment of a common size for electric light sockets is an example of:
A) standardization.
B) simplification.
C) product focus.
D) diversification.
E) none of the above - Answer- A) standardization.
, Which of the following statements is true?
I. Serving similar customers with similar demand characteristics is an example of market
focus.
II. A company specializing in assembling cars is an example of process focus.
III. A focused factory specializes in a wide product mix.
A) I and III only are true.
B) I and II only are true.
C) I only is true.
D) II and III only are true.
E) I, II and III are true. - Answer- C) I only is true.
Which of the following is an objective of product design?
A) to design a product for minimum processing cost
B) to design a product that will function as expected in the marketplace
C) to design a product that will have minimum design costs
D) all of the above
E) A and B above - Answer- E) A and B above
In a particular process, the fixed costs are calculated at $40,000 and the variable costs
at $1.50
per unit. If 10,000 units are to be produced, what is the average cost per unit?
A) $4.00
B) $2.00
C) $5.50
D) $1.50
E) none of the above - Answer- C) $5.50
Which of the following are reasons a firm would buy a product rather than make it in its
factory?
A) utilizing idle workforce
B) secrecy of design
C) providing known and competitive prices
D) all of the above - Answer- ) providing known and competitive prices
During which phase of the product life cycle do profits start to decline?
A) Maturity
B) Growth
C) Decline
D) Introduction - Answer- A) Maturity
During which phase of the product life cycle do profits start to decline?
A) Maturity
B) Growth
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