Toyota and Capital One Cases

question 28

Multiple Choice

Toyota and Capital One Cases
-Which of the following statements accurately describe the Toyota Production System?
I.The entire production is shut down every time the on cord is pulled
II.There is zero idle time at each production step
III.The TPS uses no buffers
IV.TPS uses buffer inventories between line segments to avoid blocking and starving of the production line

• A)I only
• B)II only
• C)III only
• D)IV only
• E)I, II, III and IV
• F)II and IV
• G)II, III and IV
• H)I and IV

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Definitions:

Demand Function

A mathematical representation of the relationship between the quantity of a good that consumers are willing to buy and its price.

Equilibrium Price

The price at which the quantity of a good or service supplied is equal to the quantity demanded.

Food Stamps

Government-issued vouchers used to purchase groceries by individuals and families in need, part of a social assistance program.

Supply And Demand Analysis

An economic model used to understand the pricing and quantity of goods in a market by examining how the availability of a product (supply) and the desire for it (demand) interact.