A Production Technique in Which Inventory Is Kept to a Minimum

question 101

Multiple Choice

A production technique in which inventory is kept to a minimum and inputs to the production process arrive exactly when they are needed is called ________.

• A) just-in-time (JIT) manufacturing
• B) total quality manufacturing
• C) ISO 9000 technique
• D) channel management

Discuss the principles underlying the Laffer curve and supply-side economics.

Identify the role of market elasticity in determining the deadweight loss and tax revenue.

Understand the change in consumer and producer surplus due to taxes.

Comprehend the relationship between tax size, tax revenue, and deadweight loss.

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Definitions:

Dispute Settlement Board

A panel established to resolve disagreements and disputes in a formal and legally recognized manner, often found in construction contracts or international trade agreements.

Tariffs

Taxes on imported goods, often set by a government to regulate trade, raise revenue, or protect domestic industries.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that provides a uniform set of rules for the international sale of goods.

International Contract

An agreement enforced across national borders, involving parties from different countries.