The Term "Standardization" Is Closely Associated With

question 23

Multiple Choice

The term "standardization" is closely associated with:

• A)customization.
• B)high cost.
• C)longer lead times.
• D)variety.
• E)interchangeability.

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Definitions:

Fractional Reserve

A banking system in which only a fraction of bank deposits are backed by actual cash on hand, with the rest being available for loans.

Banking System

The network of banks and financial institutions that provide financial services to consumers, businesses, and other banks.

Reserve Ratio

The fraction of deposits that a bank must hold in reserve and not lend out, as required by monetary authorities.

Reserve Ratio

The fraction of depositors' balances that banks must have on hand as cash, a requirement determined by the central bank.