Which of the Following Is Common to Both Tariffs and Quotas

question 131

Multiple Choice

Which of the following is common to both tariffs and quotas?

• A)Tariffs and quotas are both used as a means to increase government revenue.
• B)Tariffs and quotas both increase economic efficiency.
• C)Tariffs and quotas are both designed to reduce foreign competition faced by domestic firms.
• D)Tariffs and quotas are both examples of voluntary export restraints.

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Definitions:

Post-closing Trial Balance

A summary of all the business accounts after the closing entries are made at the end of the accounting period, ensuring the accounts are balanced.

Trial Balance

A summary listing of the titles and balances of accounts in the ledger, which is used to verify that debits equal credits.

End-of-period Spreadsheet

A financial report or document summarizing the accounting data and transactions at the close of an accounting period, often used for preparing financial statements.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, clearing the temporary accounts for the next period.