Which of the Following Statements Is Best

question 34

Multiple Choice

Which of the following statements is best?

• A) the basic quality level of a product is specified by senior management
• B) manufacturing is responsible for meeting at least the minimum specifications of the product
• C) the product designer builds the quality level into the product by design and specification
• D) all the above are true
• E) a and b are true

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Definitions:

Price Level

The general price level average of all goods and services in the economy currently.

Interest Rates

The cost of borrowing money or the return on saved money, usually expressed as a percentage of the amount borrowed or saved.

Investment

Investment is the act of allocating resources, usually money, with the expectation of generating an income or profit.

Short-Run Aggregate-Supply

A variation in phrasing to describe the responsiveness of the quantity of goods and services produced by an economy to a change in price level in the short term.