CIPS Procurement and Supply Environments - L3M1 Exam Practice Test
Which of the following might result from increased costs of production (especially wages) without increased demand, so that producers have to increase their prices to maintain profitability?
Correct Answer: D
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A 'firm price' and a 'fixed price' are the same thing.
True or false?
True or false?
Correct Answer: A
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Which of the following are examples of non-renewable resources?
Correct Answer: A,B
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An organisation is...
Correct Answer: A
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Which of the following might be objectives of private sector organisations? Select all that apply.
Correct Answer: B,C
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Think carefully.
There is low consumer demand; production capacity is unused; prices are stable or are falling; busi-ness profits are low; unemployment is high; and business confidence is low. Is this:
There is low consumer demand; production capacity is unused; prices are stable or are falling; busi-ness profits are low; unemployment is high; and business confidence is low. Is this:
Correct Answer: D
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'The optimum combination of whole life costs and quality' is one definition of:
Correct Answer: A
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Thinking about supply and demand, there is one price at which producers wish to sell the same amount as customers wish to buy: in other words, the market 'clears', without either a surplus of supply or unsatisfied demand. This price is called the - - - - - - - - price.
Correct Answer: C
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A market situation where there is only one supplier is called:
Correct Answer: B
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Which of the following could be part of STEEPLED?
Select all that apply.
Select all that apply.
Correct Answer: A,C
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