When the Government Takes Steps to Reduce the Risks of Starting

question 53

Multiple Choice

When the government takes steps to reduce the risks of starting and running a business, it is most likely to result in:

• A) public ownership of the means of production.
• B) ethical lapses.
• C) low levels of bribery.
• D) an increase in free enterprises.

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Definitions:

Insourcing

The practice of using a company’s internal employees or other resources to accomplish a task.

Just-In-Time

An inventory management strategy that increases efficiency and decreases waste by receiving goods only as they are needed in the production process, reducing inventory costs.

Import Duties

Taxes imposed by a government on goods imported from other countries, meant to protect domestic industries and generate revenue.

Global Procurement

The process of sourcing goods and services from the global market to exploit global efficiencies such as lower cost, enhanced quality, and better supply dynamics.