Suppose All Countries Try to Expand Their Exports and Restrict

question 66

Multiple Choice

Suppose all countries try to expand their exports and restrict their imports through the use of export subsidies and import tariffs.The net effect will probably be

• A)a fall in the volume of trade and an increase in the standard of living in each country.
• B)a fall in the volume of trade and a decline in the average living standards in each country.
• C)an increase in the volume of trade but little change in unemployment levels.
• D)no change in the volume of trade but an increase in the overall unemployment rates.
• E)no change in the volume of trade but less unemployment.

---

Definitions:

Computerized Accounting System

A software-based method that provides automatic bookkeeping and accounting for business transactions, improving accuracy and efficiency over manual methods.

Chart of Accounts

A listing of all the accounts in a general ledger that a business uses to code each of its transactions based on the nature of the expense, asset, liability, etc.

General Ledger

A comprehensive accounting record of all transactions of a business, summarizing all accounts and transactions in one place.

General Ledger Accounts

These are the main accounts where all the business transactions of a company are recorded, serving as a permanent record organized by account.