If Trade Opens Up Between the Two Formerly Autarkic Countries,Australia

question 15

Multiple Choice

If trade opens up between the two formerly autarkic countries,Australia and Belgium,then

• A) the real income of both countries may increase.
• B) the real income of Australia and of Belgium will increase.
• C) the real income of Australia but not of Belgium will increase.
• D) the real income of neither country will increase.
• E) the real income of both countries will increase.

Understand the structure and presentation of the income statement and the significance of its items.

Recognize the proper sequence of financial statement preparation and its necessity.

Identify where specific items and amounts appear in financial statements.

Differentiate between current assets, plant assets, and liabilities on the balance sheet.

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