Economist John Kenneth Galbraith Has Argued That Most Prices in Our

question 227

Multiple Choice

Economist John Kenneth Galbraith has argued that most prices in our mixed economy are set by

• A)a government planning committee.
• B)the invisible hand.
• C)the nation's largest corporations.
• D)consumers voting with their dollars.

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Definitions:

Just-In-Time (JIT)

A manufacturing strategy that aims to reduce inventory levels and increase efficiency by producing products only as they are needed.

Defects Tolerated

The acceptable number or percentage of defects or errors allowed in a production or manufacturing process.

Total Quality Management

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

Normative Distances

The customary or expected social spaces people maintain during interactions, which can vary culturally.