If the Normalization of Trade Relations Between the U

question 220

Multiple Choice

If the normalization of trade relations between the U.S.and Cuba legalizes the sale of Cuban cigars in our country,it would

• A)increase equilibrium price and decrease equilibrium quantity for Cuban cigars.
• B)decrease equilibrium price and increase equilibrium quantity for Cuban cigars.
• C)increase both the equilibrium price and quantity for Cuban cigars.
• D)decrease both the equilibrium price and quantity for Cuban cigars.

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Definitions:

Debit And Credit

Accounting terms representing increases or decreases in accounts, used to record transactions in the double-entry bookkeeping system.

Trial Balance

A financial statement that checks the balance of all debit and credit entries in a company's accounting ledger to ensure accuracy.

Ledger Accounts

Individual records that provide in detail the transactions associated with a company's assets, liabilities, equity, revenue, and expenses.

Trial Balance

A bookkeeping report that lists the balances of all ledgers in two columns, debits and credits, ensuring that total debits equal total credits.