Which of the following is not a production requirement?

• LABOR

• LAND

• CAPITAL

• DEMAND

Which factor of production refers to the physical and intellectual effort of people?

• LABOR

• LAND

• CAPITAL

• ENTREPRENEURSHIP

Which factor of production includes buildings, machinery and tools?

• LAND

• LABOR

• CAPITAL

• ENTREPRENEURSHIP

Which production requirement focuses on the availability of natural resources?

• LAND

• LABOR

• CAPITAL

• ENTREPRENEURSHIP

What is the primary goal of production?

• Maximizing profits

• Minimizing costs

• Meeting customer demand

• None from the choices

Which of the following is not a benefit of production efficiency?

• Higher profits

• Lower costs

• Improved quality

• Increased waste

Total Quality Management (TQM) is a managerial approach that focuses on:

• Reducing waste

• Continuous improvement

• Employee empowerment

• all of the given choices

TQM emphasizes that quality is the responsibility of:

• Top-level management only

• Marketing department

• Each employee in the organization

• Customers

A key principle of TQM is:

• One-time improvement

• Zero tolerance for errors

• Centralized decision making

• Traditional hierarchy

Just-in-time (JIT) production is a system that aims to:

• Minimize inventory levels

• Maximize production costs

• Increase lead time

• Slow down production output