What is Total Quality Management (TQM)?
A) a philosophy of supplying customers with superior products and services
B) an exchange of information with suppliers and customers to create efficient and effective processes
C) a software system that integrates a company's functions, departments, and data into a single system
D) a system that speeds the transformation of raw materials into finished products
Answer: A) a philosophy of supplying customers with superior products and services
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Which of the following is the largest expenditure item of local governments?
A. Education B. Public safety C. Highways D. Welfare
The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a price floor to achieve their goal. What is the size of the consumer surplus?
A. $4 billion B. $8 billion C. $10 billion D. $6 billion
Economists normally assume that the goal of a firm is to earn (i) profits as large as possible, even if it means reducing output. (ii) profits as large as possible, even if it means incurring a higher total cost. (iii) revenues as large as possible, even if it reduces profits
a. (i) and (ii) only b. (i) and (iii) only c. (ii) and (iii) only d. (i), (ii), and (iii)
Refer to Scenario 16.1 below to answer the question(s) that follow. SCENARIO 16.1: The marginal benefit for a particular food is described by MB = 30 - q, where q refers to the quantity of the food. The marginal cost of producing the food is described by MC = 2q. There is a negative externality associated with food production and the marginal social cost of food production is MSC = 4q.Refer to Scenario 16.1. The efficient output level is ________ and the efficient price is ________.
A. 6 units of food; $24 B. 0 units of food; $0 C. 10 units of food; $20 D. 4.29 units of food; $25.71