32) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is:
A. Just-in-time control (JIT)
B. Total quality management
C. Computer-integrated manufacturing (CIM)
D. ISO 9000
E. Customer-based integration
23) The model of aggregate demand and aggregate supply explains the relationship between __________.
A. unemployment and output
B. the price and quantity of a particular good
C. wages and employment
D. real GDP and the price level
26) Over the past two decades, the United States has __________.
A. had trade deficits in about as many years as it has trade surpluses.
B. generally had, or been very near to a trade balance.
C. persistently had a trade deficit.
D. persistently had a trade surplus.
16) Game theory is important for the understanding of __________.
B. all market structures
C. competitive markets
19) In order to be successful, a cartel must __________.
A. agree on the total level of production for the cartel, but they need not agree on the amount produced by each member
B. find a way to encourage members to produce more than they would otherwise produce
C. agree on the total level of production and on the amount produced by each member
D. agree on the prices charged by each member, but they need not agree on amounts produced
20) Resources are __________.
A. plentiful for households but scarce for economies
B. scarce for households but plentiful for economies
C. scarce for households and scarce for economies
D. plentiful for households and plentiful for economies
21) A production possibilities frontier will be a straight line if __________.
A. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good
B. increasing the production of one good by x units entails no opportunity cost in terms of the other good
C. the economy is producing efficiently
D. the economy is engaged in trade with at least one other economy