Technological Changes Have Changed Production Worldwide Toward the Application of Jcomputers

question 167

Multiple Choice

Technological changes have changed production worldwide toward the application of Jcomputers to manufacturing processes. How does this affect countries that have a
Jcomparative advantage in the production of high-tech equipment, such as the United States?

• A) U.S. high-tech equipment manufacturers will face increased competition.
• B) U.S. exports will rise because of an increased demand for high-tech equipment.
• C) In the U.S., the cost of producing high-tech equipment will rise because of greater demand.
• D) U.S. imports will rise because the increased demand for high-tech equipment will require an increase in raw materials and other inputs.

Understand the components and structure of a manufacturing budget.

Calculate and analyze cash budgets including required borrowings.

Understand the collection patterns of cash from sales and how they influence cash budgets.

Determine the budgeted amounts for specific balance sheet accounts like Accounts Receivable based on sales and collection patterns.

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Definitions:

Commercial Impracticability

A defense in contract law allowing parties to escape liability for nonperformance when unforeseen events make fulfillment of the contract extraordinarily difficult or unfair.

Breach of Contract

Occurs when one party fails to fulfill its obligations under the agreement, giving the aggrieved party the right to seek remedies.

Conform to Contract

The act of meeting or complying with the terms and conditions outlined in a contractual agreement.

Good Faith

Acting with honesty and integrity in dealings, without intending to deceive or commit fraud.