The Text Notes That What We Now Call Operations Management

question 11

Multiple Choice

The text notes that what we now call operations management was once called production management and implies that there are several reasons for the change in nomenclature.Which of the following is NOT one of those reasons?

• A) The decline in manufacturing in the United States in recent years
• B) Changes in manufacturing processes such as the increased use of robots and other computer-based technology
• C) The increase in the size and importance of the service sector in the U.S.economy
• D) Drastic increases in foreign competition and the subsequent effects it has had on U.S.firms
• E) The fact that many of the tools and techniques used in manufacturing can also be used in the service sector

Understand the characteristics and consequences of operating within black markets, including the role of violence and the quality of products.

Comprehend the principles of supply and demand as they apply in both legal and black markets.

Analyze the effects of excise taxes on goods with different elasticity of demand and the concept of deadweight loss.

Recognize how secure private property rights and contract enforcement enhance market efficiency.

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Definitions:

Annual Contributions

The amount of money contributed to a particular account or investment over the course of a year.

Savings Plan

A scheme that encourages regular saving with a bank or financial institution, often linked with benefits such as interest or investment returns.

Effective Rate

A comprehensive annual rate that accounts for compounding, often used in finance and investments to provide a true comparison among different financial products.

Investments

The allocation of assets with the goal of generating income or profit over time.