A key factor in TQM is the:
A. reliance on simple production techniques.
B. reduction of defects.
C. reliance on unskilled workers.
D. reduction in the prices of supplies.
Answer: B
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Assume that you are the owner of a small bakery in your home town. Which of the following would be a variable cost of production in the short run?
A. Baking ovens B. The interest on business loans C. Baking supplies (flour, salt, etc.) D. The annual lease payment for use of the building
Assume that prices have risen in a given economy by an average of 5 percent over the last nine years. If consumers base their expectations about future price movements on that knowledge alone their forecasts rely on ________
A) reverse expectations B) adaptive expectations C) rational expectations D) monetary expectations
In its original form, the Phillips curve depicted a situation in which an economy could reduce its unemployment rate by holding the inflation rate steady
a. True b. False Indicate whether the statement is true or false
Equilibrium is unique; it is the only price-output combination that is mutually compatible with aggregate supply and demand.
Answer the following statement true (T) or false (F)