When a Nation Begins to Import a Good

question 24

Multiple Choice

When a nation begins to import a good,

• A)the domestic price of that good will fall
• B)domestic consumers are harmed
• C)the domestic price of that good will rise
• D)domestic producers benefit
• E)the quantity produced domestically will rise

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Definitions:

Lean Production

A systematic method for waste minimization within a manufacturing system without sacrificing productivity, which can involve the identification and steady elimination of non-value-added activities.

High Interaction

Describes situations or services that require significant direct contact and active participation between individuals, such as customer service or healthcare.

Cross-Trained

Refers to individuals or employees who have been trained in multiple skills or job functions, enhancing their versatility within an organization.

Service Processes

The sequence of steps or actions taken to deliver a service to customers.