Toyota Employs All of the Following Business Practices as Part

question 166

Multiple Choice

Toyota employs all of the following business practices as part of "The Toyota Way" except which?

• A) kaizen (continuous improvement).
• B) genchi genbutsu (empowering people).
• C) respect.
• D) challenge.
• E) competition.

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Definitions:

Equilibrium Wage Rate

The wage rate at which the quantity of labor demanded equals the quantity of labor supplied.

Wage Rates

The fixed amount of compensation paid to employees for their labor, typically expressed as payment per hour or per month.

Income Effect

The alteration in a person's or an economy's earnings and the effect of this alteration on the demand for a specific product or service.

Substitution Effect

The economic principle that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.