The Trans-Pacific Partnership (TPP)would ________ Tariffs on Most Goods and Services

question 168

Multiple Choice

The Trans-Pacific Partnership (TPP) would ________ tariffs on most goods and services shipped between partnership countries and also ________ so-called non-tariff barriers to trade, such the licenses governments require to import some goods.

• A)eliminate; reduce
• B)raise; raise
• C)lower; raise
• D)lower; eliminate

Recognize the documentation used in the purchasing process and their purposes.

Understand the effects of buying and returning merchandise on financial statements.

Appreciate the differences between the perpetual and periodic inventory systems.

Identify the types of accounts affected by the purchase and sale of merchandise.

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Definitions:

Volume

The amount of space an object, such as a drug, occupies.

Drug

A substance used to diagnose, treat, cure, or prevent diseases in humans or animals, often regulated by health authorities.

Metric Equivalent

The corresponding value of a unit of measure expressed in the International System of Units (SI).

Liter

A metric unit of volume equivalent to 1,000 cubic centimeters or about 0.26 gallons.