Which of the Following Statements Is True of the United

question 53

Multiple Choice

Which of the following statements is true of the United States' Foreign Commerce Clause?

• A) Regulation of foreign commerce by state governments is unconstitutional.
• B) A state can enact a law that forbids a foreign country from doing business in that state, if that country engages in activities that are not condoned by that state.
• C) Direct regulation of foreign commerce by the federal government violates the Commerce Clause.
• D) State government is only permitted to regulate foreign trade indirectly.

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Definitions:

Unrecognized Actuarial (Gain)Loss

Financial gains or losses in pension plans or other post-employment benefit plans that have not been recognized in financial statements.

Income Statement Reporting

The process of presenting revenue, expenses, and profits or losses over a specific period in an income statement.

Other Postretirement Benefits

Benefits, other than pension distributions, that an employee is entitled to receive after retirement, such as life insurance and medical benefits.

Cash Basis of Accounting

An accounting method where revenues and expenses are recognized only when cash is received or paid.