The Concept That the Quality of the Output Is Only

question 77

Multiple Choice

The concept that the quality of the output is only as good as the quality of the input, which sometimes is known as ____, is familiar to IT professionals, who recognize that the best time to avoid problems is when data is entered.

• A)bad input, bad output (BIBO)
• B)garbage in, garbage out (GIGO)
• C)poor start, poor finish (PSPF)
• D)weak hand, weak hold (WHWH)

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Definitions:

Short Run

A time period in economics during which at least one input (e.g., plant size, machinery) is fixed, affecting the firm's capacity to adjust production levels.

Long Run

A period in which all factors of production and costs are variable, allowing firms and the economy to adjust to changes fully.

Sales

encompasses the transactions of selling goods or services to consumers in exchange for money or other compensations.

Fixed Costs

Expenses that do not change with the level of output or sales over a relevant period, such as rent, salaries, and loan payments.