If the Tariffs on the Textiles, Apparel Items and Footwear

question 24

Multiple Choice

If the tariffs on the textiles, apparel items and footwear mentioned in the Application were replaced by equivalent voluntary export restraints (VERs) , who would benefit the most?

• A) low-income consumers
• B) high-income consumers
• C) the U.S. government
• D) the foreign manufacturer

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Definitions:

Period End Liabilities

Period end liabilities are the obligations a company must pay at the end of an accounting period.

Period's Assets

Assets that are expected to be utilized or converted into cash within the timeframe of a single fiscal period.

Depreciation Expense

An accounting method of allocating the cost of a tangible asset over its useful life to account for its decrease in value over time.

Accumulated Depreciation

Represents the total amount of a company's asset depreciation expense since the asset was acquired.