A Key Element to Deming's 14 Points Is

question 86

Multiple Choice

A key element to Deming's 14 Points is:

• A)ordering on the basis of price.
• B)changing suppliers frequently.
• C)conducting frequent quality inspections.
• D)developing long-term relationships with vendors.

Discern the differences between majority voting outcomes and efficient resource allocation.

Understand the principles of the median-voter model and its application in predicting policy outcomes.

Evaluate the effects of political techniques like vote trading (logrolling) on economic efficiency and policy decisions.

Understand the concept of personal and social identities and their contributing factors.

---

Definitions:

Quantity Restriction

Limits on the amount of a particular good that can be produced, sold, or purchased.

Price Control

Government-imposed limits on the prices charged for goods and services in a market, often aimed at maintaining affordability or curbing inflation.

Deadweight Losses

The loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved or is unattainable.

Quotas

Predetermined limits set on the quantity of goods that can be produced, imported, or exported.