Nations Sometimes Form Free-Trade Associations and Establish Areas Where There

question 92

Multiple Choice

Nations sometimes form free-trade associations and establish areas where there are few, if any, export and import duties or other regulations that would act as barriers to trade among partners. Which of the following best describes the result of this behaviour?

• A) preferred tariff pacts
• B) free trade zones
• C) interaction zones
• D) customary-duty areas

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Definitions:

Deferred Tax Liabilities

Future tax payments that result from temporary differences between the accounting and tax bases of assets and liabilities.

Tax Rates

The percentages at which income, sales, or other taxable activities are taxed by governments.

AASB 112

Australian Accounting Standard Board statement number 112, concerning income taxes, requiring entities to account for taxes based on the concept of comprehensive tax balance sheets.