Use the Following to Answer Question

question 114

Multiple Choice

Use the following to answer question:

-(Figure: Guns and Butter) Use Figure: Guns and Butter.Suppose the economy produced 8 guns and 12 pounds of butter per period.Given that,which statement is TRUE?

• A)This is a possible choice,but it is inefficient.
• B)This combination invalidates the notion of increasing opportunity cost.
• C)The economy is still efficient but does not buy as much as it could.
• D)Something must be done to reduce the amount of employment.

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Definitions:

Business Process Re-engineering

The fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical measures of performance such as cost, quality, service, and speed.

Work Flow

Work Flow is the sequence of processes through which a piece of work passes from initiation to completion, often in a business or manufacturing context.

Process Map

A visual representation of the steps involved in a process, showing how tasks are connected and flow from one to the next.

Target Costing

A pricing strategy in which the selling price of a product is determined first, and then the manufacturing cost is managed to meet the desired profit margin.