If Last Year's Price Level Was 100 and This Year's

question 79

Multiple Choice

If last year's price level was 100 and this year's price level is 114, over the year the inflation rate has been

• A) 100 percent.
• B) 114 percent.
• C) 14 percent.
• D) 12 percent

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Definitions:

Flexibility

The ability to adapt or change according to different circumstances, requirements, or conditions, often considered a vital asset in both personal and organizational contexts.

Efficiency

The measure of how effectively resources are used to achieve a goal or outcome, with minimal waste of time, effort, and cost.

Flexible Manufacturing Systems

Advanced production systems that allow for the efficient production of small to medium batch sizes with a high degree of customization.

Automated Operations

Systems or processes that operate with minimal human intervention, using technology to perform tasks that were previously done manually.