TQM stands for ______________
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Total Quality Management
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Total Quantity Management
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Total Qualitative Management
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Assured quality is necessary for building customer confidence.
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correct
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correct to some extent
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correct to great extent
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Feudalistic economy is dominated by
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Entrepreneur
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Worker
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Landlord
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Automatic stabilizers drive changes in
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The total deficit
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The cyclical deficit
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The structural deficit
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The economist who said that international trade was based upon the concept of absolute advantage was:
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David Ricardo
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Adam Smith
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J.S.Mill
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With respect to efficiency wage models the efficiency of workers depends
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Positively on the money wage they are paid
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Positively on the real wage paid
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Inversely on the age of the workers
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When automatic fiscal stabilizers are in place, a shock that causes a fall in the level of economic activity automatically
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Results in a decline in the federal budget deficit that lessens the fall in income
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Results in a rise in the federal deficit that lessens the fall in income
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Requires the federal government to balance the budget
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The utility may be defined as:
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The desire for a commodity
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The usefulness of a commodity
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The necessity of a commodity
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Monopsony is a form of market organization in which there is a:
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Single buyer of an input
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Single seller of an output
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Single buyer of an output
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When average product is falling, it is
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Less than the marginal product
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Not measurable in this case
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Greater than the marginal product
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