Assuming Increasing Cost Conditions,trade Between Two Countries Would Not Be

question 23

Multiple Choice

Assuming increasing cost conditions,trade between two countries would not be likely if they have:

• A)identical demand conditions but different supply conditions
• B)different demand conditions but identical supply conditions
• C)different demand conditions and different supply conditions
• D)identical demand conditions and identical supply conditions

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Definitions:

Journal Entry

A record of a financial transaction in the accounting books of a business or organization.

DR (Debit)

DR, or Debit, represents the left side of a general ledger account and is used to record increases in assets or expenses and decreases in liabilities, equity, and income.

CR (Credit)

An accounting entry that decreases assets or increases liabilities and equity on a company's balance sheet, reflective of the double-entry bookkeeping system.

Tax Expense

The total amount of taxes a company incurs, reflecting both current taxes due and future tax liabilities.