During the 2008-2009 Recession Real GDP Fell by About

question 40

Multiple Choice

During the 2008-2009 recession real GDP fell by about

• A)2%
• B)4%
• C)6%
• D)8%

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Definitions:

Non-Value-Added

Activities or processes that consume resources but do not add value to the product or service from the customer's perspective.

Total Lead Times

The aggregate time taken from the initiation of a process until its completion, often used in manufacturing to describe the period from ordering materials to the final product delivery.

Value-Added Ratio

The proportion of time spent on non-waste activities in the production process.

Appraisal Cost

A quality control cost incurred to identify defective products before they are shipped to customers, including costs of inspections and testing.