According to the Seven Major Categories of Waste Classified by Toyota

question 71

Multiple Choice

According to the seven major categories of waste classified by Toyota Motor Company, long lead times and higher work-in-process are the results of _____.

• A) overproduction
• B) inventory
• C) waiting time
• D) transportation

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Definitions:

Long-Run Aggregate-Supply

The total quantity of goods and services that producers in an economy are willing and able to supply at a full employment level, without any changes in the price level over the long term.

Short Run Aggregate Supply

The total supply of goods and services that businesses in an economy plan on selling during a short time period, assuming that the prices of resources do not change.

Price Level

A mean value of present prices for all goods and services in the economy, indicating the level of inflation or deflation.

Quantity of Output

The total amount of a particular good or service that is produced by a firm or economy.