The Big Cost of Poor Quality Is the Cost of

question 17

Multiple Choice

The big cost of poor quality is the cost of

• A) replacing defective parts.
• B) lost customers.
• C) recalling defective goods.
• D) rework and training.
• E) induction training.

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Definitions:

Keynesian Economists

Economists who believe that demand-side factors are critical in determining the level of economic activity, advocating for government intervention to manage demand.

Macroeconomic Policy

Strategies and actions taken by a government or central bank to regulate and control the economy as a whole, including fiscal and monetary policies.

Full Employment

When a society’s resources are all being used with maximum efficiency.

Monetarists

Monetarists believe in controlling the supply of money as a method for regulating the economy and combating inflation.