Which One of the Following Interest Groups Would Gain from the Imposition

question 266

Multiple Choice

Which one of the following interest groups would gain from the imposition of a quota on United States steel imports?

• A)United States firms that build skyscrapers of steel and glass.
• B)Steelworkers in Pennsylvania and Ohio.
• C)United States industries that use farm equipment and machine tools.
• D)Foreign producers who sell steel in the United States.

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Definitions:

Prepaid Insurance

An asset account that represents insurance premiums paid in advance, covering future periods.

Depreciation

Depreciation is the accounting process of allocating the cost of a tangible asset over its useful life, recognizing it as an expense.

Accrued Salaries

Salaries that have been earned by employees but have not yet been paid by the company.

Adjusted Trial Balance

A financial statement that lists all account balances in the general ledger after adjustments are made, ensuring credits and debits match.