The Condition That Results When the Value of a Nation's

question 77

Multiple Choice

The condition that results when the value of a nation's exports is greater than the value of its imports is called ________.

• A)a trade deficit
• B)a trade surplus
• C)mercantilism
• D)dumping

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Definitions:

Physical Flow Assumption

An accounting method that tracks the physical movement of goods in inventory, often used to calculate cost of goods sold or ending inventory.

Specific Identification

Specific Identification is an inventory valuation method that tracks the actual cost of each specific item in inventory.

LIFO

LIFO, or Last-In, First-Out, is an inventory accounting method where the most recently produced or acquired items are the first to be used or sold.

FIFO

"First In, First Out," an inventory valuation method where goods first added to inventory are the first ones sold.