Which of the Following Are Among the Most Important Elements

question 48

Multiple Choice

Which of the following are among the most important elements of the lean production philosophy?

• A) Quality inspections and a standardized product line
• B) Fully automated assembly lines and a large supplier base
• C) Large inventories and quality inspections
• D) Waste reduction and continuous improvement

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Definitions:

Tax Rate

The percentage at which an individual or corporation is taxed.

Incidence

Of a tax, a measure of who really pays a tax.

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved.

Tax

A financial charge or levy imposed by a government or other authority to fund public expenditures.