Answer:
b. Computers: Increase / Rice: Decrease
Explanation:
Opportunity cost refers to the benefits foregone of non chosen option when an option is chosen out of all available options which includes the non chosen option.
At full employment level, resources are employed in the most efficient manner, then to increase the production of one good, certain resources need to be diverted which were earlier used in the production of other goods (assuming the country produces only 2 goods).
Thus, if technology progresses only in the production of one good, that would imply that now the production of such a good would be encouraged.
Hence, the opportunity cost of computers would increase whereas that of producing rise would decrease.
Answer:
Price elasticity = -2.5385
Explanation:
This means that an increase in the price has a negative impact in the quantity of the products demanded.
Answer: consists of two or more independent organizations that combine requirements for materials, services and capital goods to gain better pricing, service and technology from suppliers.
Explanation:
Purchasing consortium is simply defined as an arrangement that involves collaboration which takes place between two or more organisations who join hands together in order to gain better prices and achieve terms which are favorable from their suppliers.
Purchasing consortium consists of two or more independent organizations that combine requirements for materials, services and capital goods to gain better pricing, service and technology from suppliers.
It should be noted that it's not only used by public institutions, therefore option A is incorrect. Purchasing consortium helps speed up the purchasing process.
Answer:
True
Explanation:
As in the lean philosophy the production is based on specific customer demands, there are chances that when the order is received then the inventory required is not present and that the inventory is not held in hand.
Whereas in the traditional philosophy the production is based on the principle of budgets and sales forecast, accordingly the sales keeps on moving and the inventory is also held in hand prior to confirmation of order from customers.
Since there is no planning before the order is received from customers under lean, in emergency cases, or scarcity of resources, the inventory will fall short, and acquisition of inventory would not be easy.
Answer: Nontariff barriers
Explanation:
Nontariff barriers are trade barriers that are used whereby the import and export of goods and services are restricted. It should be noted that the restriction is not by tariffs but can include include embargoeds, quotas, sanctions, and levies.
The main reason for trade barriers are to generate revenue for the government and also to protect the local industries.
