Trade Restrictions

question 92

Multiple Choice

Trade restrictions:

• A) help to save jobs in the protected industry, which causes these workers to spend more money in other industries, netting increased output and job opportunities throughout the economy.
• B) are a very inexpensive way of saving jobs, cheaper than job retraining programs.
• C) may save jobs in one industry but at a cost of less job growth in other industries.
• D) often have little support by politicians, media, and the public.

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Definitions:

Formed Corporation

A business entity that is legally created and registered under state law, offering liability protection to its owners.

Transaction

An agreement or exchange between two parties involving goods, services, or financial assets.

Schedule L

Used to provide additional details on financial status or transactions not captured in the main tax form; no longer in general use for most taxpayers.

Accounting Method

The systematic approach to recording and reporting financial transactions for a business, determining how income and expenses are recorded and recognized.