A Philosophy to Eliminate Waste by Reducing the Time Products

question 19

Multiple Choice

A philosophy to eliminate waste by reducing the time products spend in the production process and eliminating the time that products spend on activities that do NOT add value is

• A) computer-integrated manufacturing.
• B) just-in-time.
• C) better late than never.
• D) added value tax.

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Definitions:

Currency

Money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins.

Hamburger Standard

An informal way of measuring purchasing power parity (PPP) between nations, using the price of a McDonald's hamburger as the benchmark.

Undervalued Currency

A currency whose value is lower than what is perceived as its true value based on economic fundamentals or market conditions.

Capital Account

A national account that records transactions involving the purchase and sale of assets, such as property and stocks, between residents of one country and those of others.