Which of the following is a key factor that encouraged companies to focus on total quality management in the mid-1980s?
A. A fall in the cost of labor
B. Expansion of worldwide competition
C. Enforcement of property rights
D. An increase in the supply of skilled labor force
Answer: B
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Kevin has a lot of free time and he decides to pick up a new hobby. He has two options—he can take art classes or can sign up for French cooking classes
He estimates that the art classes would cost him $70, and would provide him with a benefit of $100. On the other hand, the cooking classes would cost him $120, but provide him benefits worth $160. Use cost-benefit analysis to arrive at the optimum choice for Kevin.
To maintain their standard of living, most people rely on
a. government assistance. b. their personal savings. c. their labor earnings. d. rental income.
If a nation has the lowest opportunity cost of producing a good, that nation has a(n) ________ in the production of that good.
A. comparative advantage B. comparative advantage and an absolute advantage C. absolute advantage D. absolute advantage and possibly a comparative advantage
Monetarists believe that velocity
A) is constant. B) changes erratically. C) and the money supply always have an inverse relationship. D) changes in a way that can be understood and predicted.