An Increase in the Level of Trade Among Nations That

question 85

Multiple Choice

An increase in the level of trade among nations that results from regional economic integration is called ________.

• A) trade diversion
• B) mercantilism
• C) trade creation
• D) economic nationalism

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Definitions:

Owner's Drawings

Owner's disbursements from a business in either a sole proprietorship or partnership for personal expenditures.

Salaries and Wages Expense

The total amount spent by a business on its employees' salaries and wages during a specific period.

Equipment

Tangible assets used in operations, such as machinery and office hardware, which are subject to depreciation over their useful lives.

Debit

A financial record that boosts asset or expense ledgers or reduces liability, equity, or income ledgers.