These Two Countries Adopted Reforms That Liberalized Their Economies During

question 21

Multiple Choice

These two countries adopted reforms that liberalized their economies during the 1960s and they eventually became two of the world's freest economies. The two economies are

• A)Russia and India.
• B)Nigeria and Zimbabwe
• C)Hong Kong and Singapore
• D)Brazil and Venezuela

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Definitions:

Financial Statements

The formal records of the financial activities and position of a business, individual, or other entity, presenting the results of operations and the financial status through three primary documents: balance sheet, income statement, and cash flow statement.

Net Income

The residual profits a company holds after deducting expenses, taxes, and costs from the gross income.

Stockholders' Equity

The residual interest in the assets of an entity that remains after deducting its liabilities; also known as shareholders' equity.

Deferral

In accounting, the postponement of recognition of an expense or revenue that has been incurred or earned to a later accounting period.