An Increase in Nominal U

question 44

True/False

An increase in nominal U.S. GDP necessarily implies that the United States is producing a larger output of goods and services.

Analyze the effects of tapering rates on facility location decisions.

Understand the concepts and differences between "make or buy" decisions and the implications of each.

Recognize the importance of and methods for building strong supplier relationships and the role of suppliers in product design and quality control.

Differentiate between procurement and strategic sourcing and understand the strategic sourcing process.

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Definitions:

Normal Credit Balances

Accounts with a credit balance as expected in the accounting equation; for instance, liabilities, equity, and revenue accounts normally have credit balances.

Revenues

The total amount of money received by a company for goods sold or services provided during a certain period of time.

Net Income

The total profit of a company after all operating expenses, taxes, and interest are deducted from total revenue.

Normal Balance

The side of an account (debit or credit) that increases. For assets and expenses, it's usually the debit side, and for liabilities, equity, and revenue, it's typically the credit side.