Which of the Following Reasons Explains Why Rich Countries Persistently

question 84

Multiple Choice

Which of the following reasons explains why rich countries persistently restrict textile imports from poor countries?

• A) The trade restrictions make textile consumers better off.
• B) The trade restrictions make workers in poor countries better off.
• C) The trade restrictions benefit an organized visible special interest in rich countries.
• D) Rich countries have a strong need for the revenue from these trade restrictions.

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Definitions:

Fiscal Period

Any designated period of time for accounting purposes, typically a year, used by governments and businesses for financial reporting and budgeting.

Adjusting Entry

A journal entry made at the end of an accounting period to update the accounts and ensure they reflect the true financial position of the business.

Summary of Adjustments

Summary of Adjustments is a document or section within financial statements detailing any adjustments made to initial financial records to ensure their accuracy and alignment with accounting principles.

Missing Items

Refers to items that are unaccounted for due to loss, theft, error, or omission in an inventory or collection of assets.