The Theory That Patterns of International Trade Are Determined by Natural

question 13

Multiple Choice

The theory that patterns of international trade are determined by natural endowments of factors successfully explains the prominence of

• A)Japan in car manufacturing.
• B)Canada in communications technology.
• C)the United States in pharmaceutical research.
• D)Britain in the pop music industry.
• E)tourism in the Turks and Caicos.

Recognize the treatment of owner's equity accounts in relation to debits and credits.

Learn the procedures for recording transactions in journals.

Understand the purpose and process of preparing a trial balance.

Identify the impact of transactions on owner's equity.

---

Definitions:

Freight Costs

Expenses associated with transporting goods from one place to another, which could include shipping, trucking, and other logistical expenses.

Operating Expense

Expenses incurred through normal business operations, such as rent, utilities, and payroll, exclusive of cost of goods sold.

Refund Liability

An obligation recorded by a business to return funds to a customer for returned or unsatisfactory goods or services.

Deferred Revenue

Income received in advance for products or services which is recorded as a liability until it is earned.