When It Comes to Product Liability,supply Management

question 10

Multiple Choice

When it comes to product liability,supply management:

• A)lowers risk by ensuring that suppliers deliver defect-free goods.
• B)has little or no role since this is essentially a legal action.
• C)has responsibility only to the internal customer,not the final customer.
• D)is liable depending on the type of warranty agreed to in the contract.
• E)is responsible for establishing the cost of the actual damage.

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Definitions:

Excess Burdens

Refers to the additional costs or losses to society beyond the direct financial effects, caused by inefficiencies or distortions in market transactions.

Benefits-Received Principle

A theory of taxation wherein individuals pay taxes in proportion to the benefits they receive from government services.

Camping Fee

A charge for the privilege of accessing and using facilities or spaces designated for camping.

National Parks

Protected areas established by governments for the conservation of nature, preservation of wildlife, and recreation, accessible to the public.