If the Sacrifice Ratio Is 5 Per Cent, Reducing the Inflation

question 54

Multiple Choice

If the sacrifice ratio is 5 per cent, reducing the inflation rate from 10 per cent to 5 per cent would require sacrificing _____ per cent of annual output.

• A)5
• B)10
• C)20
• D)25

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Definitions:

System

A set of interrelated components that function together towards achieving a particular goal or set of objectives.

Process Reengineering

The fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical, contemporary measures of performance, such as cost, quality, service, and speed.

Control

The process of directing, regulating, or managing activities to achieve certain objectives.

Meeting Customer Needs

The process of identifying, understanding, and adequately fulfilling the requirements and expectations of customers.