Explain Herman Daly's economic system model, also known as the sustainable model.
What will be an ideal response?
First, the sustainable model recognizes that the economy exists within a finite biosphere that encompasses a band around the earth that is little more than a few miles wide. From the first law of thermodynamics (the conservation of matter/energy), we recognize that neither matter nor energy can truly be "created," but can only be transferred from one form to another. Second, energy is lost at every stage of economic activity. Consistent with the second law of thermodynamics (entropy increased within a closed system), the amount of usable energy decreases over time. "Waste energy" is continuously leaving the economic system, and thus new low-entropy energy must constantly flow into the system. Third, this model no longer treats natural resources as an undifferentiated and unexplained factor of production emerging from households. Finally, it recognizes that wastes are produced at each stage of economic activity and these wastes are dumped back into the biosphere.
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Which of the following dispatching rules tends to minimize job flow time?
A) FCFS: first come, first served B) SPT: shortest processing time C) EDD: earliest due date D) LPT: longest processing time E) FCLS: first come, last served
Manufacturing overhead costs are allocated to the Work-in-Process Inventory account by a debit to the Manufacturing Overhead account
Indicate whether the statement is true or false
In the context of marketing a product, which of the following statements is true of overpromising?
A. Customers will be disappointed if the product falls short of very high expectations. B. Only a tiny base of customers will be willing to try the product. C. Customers will forgive the mistakes made by the marketers. D. Buyers will provide positive feedback to the marketers.
Explain the difference between loss prevention versus loss reduction
What will be an ideal response?