Statement I

question 77

Multiple Choice

Statement I.Since less developed countries have very low per capita GDPs,it is hard to build capital by consuming less.
Statement II.The populations in less developed nations are growing more rapidly than those of the industrial nations.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

Gross Method

An accounting method for recording purchases at the gross invoice amount before deducting any cash discounts for early payment.

Credit Terms

Conditions under which credit will be extended to a borrower, including the amount of credit, interest rate, and repayment schedule.

FOB Shipping Point

A term used in shipping contracts to indicate that the buyer is responsible for the cost of transporting the goods from the shipping point.

Invoice Amount

The total sum of money requested by a vendor from a purchaser for goods delivered or services provided.