The Institute for Supply Management

question 104

Multiple Choice

The Institute for Supply Management:

• A) establishes laws and regulations for supply management.
• B) is an agency of the United Nations charged with promoting ethical conduct globally.
• C) publishes the principles and standards for ethical supply management conduct.
• D) prohibits backward integration into developing economies.
• E) grants Ph.D. degrees in purchasing.

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Definitions:

GDP Deflator

An economic metric that converts the output of an economy measured at current prices into constant-dollar terms to remove the effects of inflation.

Consumer Price Index

A methodology for assessing the weighted average pricing of consumer commodities and services, including healthcare, food, and transit.

Imported Oil

Oil brought into a country from another, affecting its balance of trade and energy policies.

Nominal Interest Rate

The interest rate before adjustments for inflation, representing the face value of financial products.