Use the Information Below to Answer the Following Questions

question 54

Multiple Choice

Use the information below to answer the following questions.
Fact 15.3.1
Before 1995, trade between Canada and Mexico was subject to tariffs.In 1995, Mexico joined NAFTA and all Canadian and M tariffs have gradually been removed.
-Refer to Fact 15.3.1.When Canadian tariffs are removed from a good, Canadian consumers of the good _______ and Canadian producers of the good _______.

• A)gain; lose.
• B)lose; gain
• C)gain; gain
• D)lose; lose
• E)gain; lose

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Definitions:

Commission

A fee paid for services, usually a percentage of the total cost, to an agent or employee for facilitating or completing a sale.

Factoring Transaction

A financial transaction where a business sells its accounts receivable to a third party (the factor) at a discount.

Total Assets

The sum of all assets owned by an entity, as recorded on the balance sheet, representing the resources controlled by the entity.

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditures to the appropriate period, ensuring compliance with the accrual basis of accounting.