Need a motor serial number to verify, but most EFI motors will not sound the alarm with the key left ON. The ECM grounds the other side of the alarm if it sees and issue.
The carb motors would sound because the senders would ground the other side of the alarm.
Back to the problem. With key turned ON you should hear 2 beeps and the pump turn on for 2 seconds. Your not hearing the beep so tell us what lead up to you getting a new key switch? Also what was the original key switch?
MR All Dodge, so I can get on the right page with you I just want to give you the run down and maybe you can help me with this aggravation.
this is a brand new 5,7 rebuild
fuel relay gave me a problem twice since installed and when I fixed that enough to get back to dry land I had to zip tie the relay tight and move the wires to a specific spot angle to keep it running. since it continued to run and start the next three times I didnt pull it apart. I made a mistake and bout an aftermarket shift cable when redoing everything and that was not a good thing as it was a classic ***** to get the new one back in with the motor installed. never the less i got it in and set correctly since it was a quick silver cable and lesson learned. Then I went to start it and the starter was not kicking in, so I pulled that side manifold and found the bendix shaft was rusted and would not release or engage. so new starter and yes quick silver only back on. cranked it it engaged and that was one problem solved or two as the story goes.
So figuring as much cramming and twisting and cutting hands and arms I figured I pulled a ground or broke a connector. checked all connections and all were good. bought mercruiser service manual #24 and started diagnoising the engine with multimeter and test light. to say the least its a Bi(*&* but it appears to me I am going to have to open the wire harness find the broken ground connection and work it backwards. thoughts? thanks for listening.