According to Adam Smith,international Trade Is Based On

question 23

Multiple Choice

According to Adam Smith,international trade is based on:

• A) absolute advantage
• B) comparative advantage
• C) both absolute and comparative advantage
• D) neither absolute nor comparative advantage

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Definitions:

Consolidated Net Income

The total net income of a parent company and its subsidiaries after the elimination of intercompany transactions and accounts.

Noncontrolling Interest

An ownership interest in a corporation where the stake is not large enough to exert control over the company's policies or decisions, also known as minority interest.

Annual Amortization

Refers to the gradual charging to expense of the cost of an intangible asset over the useful life of the asset.

Consolidated Financial Statements

Financial statements that aggregate the financial position and results of operations of a parent company and its subsidiaries.