In Most Countries,trade Constitutes a Significant Share of the Country's

question 18

Essay

In most countries,trade constitutes a significant share of the country's GDP.Briefly explain what the trend of imports in the United States has been,starting with the 1950s.

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Definitions:

Prepaid Expense

Expenses paid in advance and recorded as assets before they are used or consumed.

Consumed

Consumed refers to the portion of resources, goods, or services that have been used up in the process of generating revenue.

Accounting Period

A specific period of time covered by financial statements, usually encompassing a fiscal quarter or year.

Contra Account

An account used in accounting to record reductions of related accounts, which has a balance opposite to the normal balance of the related account.