Which Statement Is True

question 218

Multiple Choice

Which statement is true?

• A)Every nation should try to be completely self-sufficient.
• B)International trade lowers our standard of living.
• C)The basis for international trade is specialization.
• D)Importing consumer products increases our prices.

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Definitions:

Net Markdowns

The total reduction in selling price of inventory, subtracting markdown reversals, to adjust for decrease in market value or to stimulate sales.

Employee Discounts

Reduced prices offered to employees by their employer as a part of their employment benefits or incentives.

Periodic Inventory System

An inventory accounting system where updates to inventory records are made on a periodic basis, not continuously.

Physical Inventory

A process of counting and verifying the actual inventory on hand at a business location, typically performed at the end of an accounting period.