-In the Above Private Open Economy Exports Are __________ and Imports

question 28

Multiple Choice

-In the above private open economy exports are __________ and imports are __________ domestic GDP:

• A) inversely related to;directly related to
• B) independent of;inversely related to
• C) independent of;dependent of
• D) directly related to;independent of

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Definitions:

WIP Inventories

refers to Work-in-Process Inventories, which consist of materials and products that are partially completed in the production process.

VMI Inventories

Vendor Managed Inventory; a supply chain management practice wherein the supplier of goods manages levels of inventory at the customer's premises.

EOQ

Economic Order Quantity, a formula used to determine the optimum order quantity that minimizes total inventory costs.

Dependent Demand

Refers to the demand for components or raw materials that is driven by, and directly related to, the demand for the finished goods they contribute to.