Suppose the Automobile Industry Can Import 10% of the Total

question 144

Multiple Choice

Suppose the automobile industry can import 10% of the total quantity demanded of cars in the U.S. This is an example of a(n) ________.

• A)tariff
• B)quota
• C)trade limit
• D)import tax

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Definitions:

Functional Flexibility

The ability of an organization to manage and utilize its workforce in a way that can quickly respond to changes without significant additional costs.

Continuous Process Strategy

An approach focusing on improving and optimizing ongoing operations and processes for efficiency and effectiveness.

Kaizen

A Japanese term meaning "change for better," referring to the practice of continuous improvement in all aspects of life, especially in business efficiency and quality.

Total Quality Management

A comprehensive management approach that focuses on continuous improvement of products, services, and processes by involving all employees.