An Improvement in Technology

question 191

Multiple Choice

An improvement in technology

• A)will always result in a parallel shift of the production possibilities frontier
• B)will never result in a parallel shift of the production possibilities frontier
• C)will be indicated as a movement along the production possibilities frontier
• D)will shift the production possibilities frontier outward but not necessarily to a parallel position
• E)may not shift the production possibilities frontier

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Definitions:

Raw Materials Inventory

The total cost of all component parts currently in stock that have not yet been used in work-in-process or finished goods production.

Job-Order Costing

An accounting methodology used to assign costs to specific jobs or batches, typically in manufacturing or servicing environments.

Cost Of Goods Manufactured

The cost of goods manufactured is the total production cost of goods completed during a specific period, including materials, labor, and overhead.

Unadjusted Cost Of Goods Sold

Unadjusted Cost of Goods Sold refers to the direct costs associated with the production of goods sold by a company before any adjustments for returns, discounts, or allowances.