If Two Countries Each Are Currently Producing Two Goods, and Each

question 204

Multiple Choice

If two countries each are currently producing two goods, and each begins to specialize in the good in which it has a comparative advantage, what will happen to total (world) output?

• A)It will increase.
• B)It will decrease.
• C)It will be unchanged in both countries.
• D)It will rise in one country and fall in the other, but the total is unchanged.
• E)Uncertain; economic theory has no answer to this question.

Gain knowledge on the proper order of preparing financial statements and the significance of each statement.

Learn the depreciation calculation for fixed assets using the straight-line method.

Understand the concepts of accrued expenses and revenues and their adjusting entries.

Comprehend the principles of periodic reporting and the time period assumption in accounting.

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Definitions:

Bulbourethral Glands

Small glands located near the base of the penis in male mammals that produce a pre-ejaculate fluid to lubricate the urethra.

Prostaglandins

are lipid compounds that perform a variety of hormone-like actions in animals, including inflammation regulation and smooth muscle contraction.

Laparoscope

A surgical instrument used for viewing the internal parts of the abdomen without making large incisions.

Oviduct

The tube that carries ova from the ovary to the uterus, cloaca, or body exterior. Also called fallopian tube or uterine tube.