The Practical Constraints on Trade Include All of These EXCEPT

question 228

Multiple Choice

The practical constraints on trade include all of these EXCEPT

• A) every international transaction involves costs.
• B) production possibilities frontiers for nations are linear.
• C) production possibilities frontiers exhibit increasing costs and diminishing returns.
• D) some industries and individuals in a country may be hurt by an expansion of trade.

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Definitions:

Current Liabilities

Debts or obligations that a company expects to pay off within one fiscal year, including accounts payable, short-term loans, and accrued expenses.

Current Assets

Assets that a company expects to convert into cash, sell, or use up within one year or within its operating cycle if longer than a year.

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous period.

Accrued Liabilities

Liabilities that have been incurred but not yet paid or recorded at the end of the accounting period.