Which of the following statements about variances is false?
a. Ideal standards will rarely, if ever be met.
b. Expected standards will usually be met 60-70% of the time.
c. Standards that provide for no inefficiency of any kind are called theoretical standards.
d. Establishing upper and lower tolerance limits for deviations allows managers to implement the management-by- exception concept.
b
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a. True b. False
Pan American Pancake House, Inc., a U.S. firm, and Wallaby Waffles, Ltd., an Australian firm, enter into a contract that does not have a forum-selection or choice-of-law clause. Litigation between Pan American and Wallaby over a dispute involving this contract may occur in
A. Australia only. B. Australia or the United States, but not both. C. Australia, the United States, or both. D. the United States only.