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Which one of the following statements about total quality management (TQM) is TRUE?
a. Total quality management means inspectors are responsible for finding out who makes the defects.
b. In total quality management, workers have the authority to stop a production line if they see quality problems.
c. Total quality management reduces the internal failure costs but not the external failure costs.
d. Total quality management reduces the external failure costs but not the internal failure costs.
Now consider the United States' current economic situation. Share your overall opinion of the subject and if you believe the U.S. economy has benefited or suffered (or both). Do you agree or disagree with your classmates' arguments? If you agree, exp..
More borrowing by firms in the domestic currency is one way to reduce currency mismatch. What would be the major issue if government insured repayment of the loans at a low cost?
Elucidate how resource scarcity influences this marketplace also describe choices stakeholders must make.
When, if ever, is it acceptable for one state or groups of states to interfere in the domestic affairs of another state
This will be a real challenge, but it should be an interesting challenge. Much of the way we measure risk relies on probability distribution. For many things in life, and business, this is perfectly valid, but for others it is not. Can you come up wi..
Consider smoking in a classroom, where students have the right to clean air. What types of externality does smoking in a classroom convey? Explain. How could this externality be solved according to Coase Theorem? Explain. How would it be solved using..
In a competitive market, there are 8 firms, each with total cost given by: TC = Q^2 +100. Derive the firm’s long-run supply equation and the market supply equation. In the long-run, is the number of firms likely to increase or to decrease?
A war in the Middle East takes the most cost efficient oil fields out of production for several years. Describe what would happen to the oil market during the war. A tanker runs aground in Alaska, cutting off 5 percent of the world’s oil supply. At t..
If each nation grew at a constant rate over these years, in which year did the U.S. overtake the U.K. in terms of average income.
Suppose a consumer's preferences can be described. Derive the customer's marginal rate of substitution at the point.
Suppose that the production function for Hannah and Sam’s home remodeling business is Q = F(L, K) = 10L0.2K0.3. If the wage rate is $1,500 per week and the cost of renting a unit of capital is $1,000 per week, what is the least-cost input combination..
What is the social optimum? What specific tax per unit of output of gunk results in the social optimum.
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