Use the Following Graph to Answer the Following Questions

question 11

Multiple Choice

Use the following graph to answer the following questions:

-In a trading (open) economy,how many TVs (in thousands) will this country import?

• A) 30
• B) 60
• C) 90
• D) 120
• E) 150

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Definitions:

Payment

A payment is the transfer of money, goods, or services from one party to another as an exchange for products, services, or fulfillment of obligations.

Explanation

Clarification, detailed account, or interpretation of a concept, term, or phenomenon.

Adjusting Entries

Transactions recorded at the end of the accounting interval to appropriately allocate profits and expenditures to the period they originated.

Unearned Revenue

Income received by a company for goods or services yet to be provided or delivered; it is recorded as a liability on the balance sheet until the service or product is delivered.