When Reliability and Efficiency Are Most Important to a Business

question 66

Multiple Choice

When reliability and efficiency are most important to a business, which approach to management is likely to be the best?

• A) Bureaucratic approach
• B) Administrative approach
• C) Scientific management
• D) Total quality management

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Definitions:

Expectations

Beliefs or forecasts about future events that affect economic decisions, such as consumption, savings, and investment.

Adverse Supply Shock

An unexpected event that suddenly decreases the supply of a good or service, potentially leading to higher prices and lower output.

Short-Run Phillips

A concept describing the inverse relationship between unemployment and inflation within a short-term period.

Left

Politically, refers to ideologies and movements that typically advocate for social equality, government intervention in the economy to redistribute wealth, and the protection of social welfare programs.