If a Country Removed an Import Quota on Cotton,then Overall

question 110

Multiple Choice

If a country removed an import quota on cotton,then overall that country's

• A)exports and imports would rise.
• B)exports would rise and imports would fall.
• C)exports would fall and imports would rise.
• D)exports and imports would fall.

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Definitions:

LIFO Cost Flow

A method of stock valuation where the latest items added to the inventory are the first ones to be sold.

Cost of Goods Sold

The direct expenses tied to the production of goods sold by a company, including material and labor costs.

Net Income

A company's profit amount after all deductions for expenses and taxes from revenue have taken place.

FIFO Cost Flow

An inventory valuation method (First In, First Out) where goods first purchased or produced are sold or used first.