Juanita Is Preparing to Study for Her Economics Final Exam

question 276

Multiple Choice

Juanita is preparing to study for her economics final exam. She tells her friend that she will be happy if she just gets a B, even though she could likely earn an A if she studied harder. Juanita is what Herbert Simon would call a

• A)rational maximizer.
• B)satisficer.
• C)homo economicus.
• D)screener.

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Definitions:

Lean Environment

A methodology focused on reducing waste and increasing efficiency, particularly in manufacturing and production settings.

Raw Materials Inventory

The total cost of all components and materials that are stored and used in the production of finished goods.

Lean Manufacturing

A structured strategy to decrease waste production in manufacturing processes while maintaining efficiency.

Nonfinancial Measures

Performance metrics that do not involve monetary units but measure aspects such as customer satisfaction, quality, and employee engagement.