Consumers of Imported Goods Are __________ as a Result of Trade

question 134

Multiple Choice

Consumers of imported goods are __________ as a result of trade and producers of exported goods are ___________ as a result of trade.

• A) winners;losers
• B) winners;winners
• C) losers;winners
• D) losers;losers
• E) neither winners nor losers;neither winners nor losers

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Definitions:

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit accounts columns to check the accuracy of financial transactions.

Work Sheet

An internal document or spreadsheet used by accountants to prepare financial statements and consolidate adjusting entries.

Income Statement Debit

A transaction or expense that decreases net income on the income statement.

Net Loss

The amount by which expenses exceed revenues.