A Standard That Assumes a Production Process Is as Efficient

question 29

Multiple Choice

A standard that assumes a production process is as efficient as practical under normal operating conditions is

• A) a perfection standard.
• B) an attainable standard.
• C) an average standard.
• D) an operating standard.

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Definitions:

Mortality

The state of being mortal or the incidence of death within a population.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured as the percentage increase in real gross domestic product (GDP).

Postindustrial Period

a stage in societal development that occurs after the industrial period, characterized by an economy focused more on services than on manufacturing.

Mature Industrial

Pertains to an industrial phase characterized by stable growth, well-established industries, and lower levels of innovation compared to earlier growth phases.