"OPEC Should Supply More Oil So That the World's Economies

question 399

Multiple Choice

"OPEC should supply more oil so that the world's economies can grow more rapidly." This is an example of

• A) a normative statement.
• B) a positive statement.
• C) a decision at the margin.
• D) OPEC overcoming scarcity.

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Definitions:

Variability

The lack of consistency or the tendency to vary, especially in the context of supply chain, leading to challenges in predicting demand, lead times, and inventory levels.

Bullwhip Effect

A phenomenon in supply chains where small fluctuations in demand at the retail level cause progressively larger fluctuations in demand upstream, often leading to inefficiency and increased costs.

Lot Sizes

The quantity of goods processed, produced, purchased, or delivered in a single batch or order, affecting manufacturing efficiency and inventory management.

Operational Improvements

Enhancements or optimizations made to the processes and procedures of an organization to increase efficacy, efficiency, and overall performance.