Which of the Following Statements Is True of the Legal

question 61

Multiple Choice

Which of the following statements is true of the legal instruments used by the European Union?

• A) The European Union issues regulations that are binding against the member states if the national courts of the member states agree to the regulations.
• B) The European Union must confer with the United Nations before issuing directives against member states.
• C) The European Union directs all disputes involving the European Union law to the International Court of Justice.
• D) The European Union has the authority to issue regulations that bind the member states directly.
• E) The European Union requires the approval of individual nations to address binding decisions against an enterprise of that nation.

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Definitions:

Retail Inventory Method

A method used in accounting to estimate the value of a store's merchandise based on the retail price of the inventory.

Net Markup

The percentage increase on the cost price of a product to arrive at its selling price, accounting for profit.

Price Change

Refers to the fluctuation in the selling price of goods and services over time, which can impact the revenues, expenses, and ultimately the profits of a business.

Gross Profit Method

An inventory estimation technique used to calculate the cost of goods sold and ending inventory based on the gross profit margin.