REVIEW QUESTIONS AND ANSWERS 1. Name the person responsible for the economic tumaround of both Japan and the United States, and explain what situation in Japan caused him to inadvertently start the turnaround. 2. List the three things needed to mass-produce anything. Explain what is meant by the phrase \"Inspection works well on an individual basis, but is expensive and wasteful in mass production.\" 3. The foundation of modern industrial production demanded what social cost and yielded what economic benefit? 4. List two dangers to the American economy if Americans prefer and buy foreign goods over American-made goods. 5. List the five economic advantages America had over its competitors after World War II. 6. Solution 1. The person responsible and played a key role in economic turnaround of Japan and US was Henry Ford. The economic downturn was a result of realization of the factor that all the economic advantages can be acquired around the globe but not workforce skills. All the other resources can be duplicated but not workforce skills. The key was to develop a well-trained and well educated workforce that is treated with dignity and respect..