An Increase in U.S. Income Would Lead to

question 12

Multiple Choice

An increase in U.S. income would lead to

• A)an increase in U.S. exports and a decrease in U.S. imports
• B)a decrease in U.S. exports and an increase in U.S. imports
• C)an increase in both U.S. imports and U.S. exports
• D)a decrease in both U.S. exports and U.S. imports
• E)no change in U.S. exports and an increase in U.S. imports

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Definitions:

FASB

Financial Accounting Standards Board, an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States.

Bright-line Rules

Clearly defined rules or standards that leave little ambiguity and are easy to implement or enforce.

Pronouncements

Official statements or declarations, often from authoritative entities, that dictate principles or procedures in various fields like accounting.

Rigid Standards

Strict, inflexible guidelines or criteria that must be followed rigorously.