Which of the Following Is Characteristic of the Lean Philosophy

question 109

Multiple Choice

Which of the following is characteristic of the lean philosophy?

• A)Inventories are an asset.
• B)Lot sizes are optimized by formula.
• C)Close, long-term relationships with vendors.
• D)Queues are a necessary investment.
• E)All of the choices.

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Definitions:

Real GDP

The measure of a country's economic output adjusted for price changes (inflation or deflation), reflecting the true value of goods and services.

Final Output

The total value of all goods and services produced and sold by a country in a specific time period without any duplication.

Intermediate Goods

Goods that are used as inputs in the production of other goods and services, rather than being sold directly to end consumers.

GDP

The Gross Domestic Product measures the overall market or financial worth of every completed good and service produced within a country's borders in a set period.