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TABLE 12-4
One criterion used to evaluate employees in the assembly section of a large factory is the number of defective pieces per 1,000 parts produced. The quality control department wants to find out whether there is a relationship between years of experience and defect rate. Since the job is repetitious, after the initial training period any improvement due to a learning effect might be offset by a loss of motivation. A defect rate is calculated for each worker in a yearly evaluation. The results for 100 workers are given in the table below.
-Referring to Table 12-4, what is the expected number of employees with less than 1 year of training time and a high defect rate?
Deflation
A decrease in the general price level of goods and services in an economy over a period, leading to increased purchasing power of the currency.
Disinflation
A reduction in inflation rate, signifying a deceleration in how quickly the costs for goods and services increase.
Inflation
The progression speed of the general price index for goods and services, diminishing the effective value of money.
Cost-Push Inflation
Rising costs of doing business push up prices.
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