Which of the Following Decrease If the U

question 150

Multiple Choice

Which of the following decrease if the U.S.imposes an import quota on computer components?

• A)U.S.exports and U.S.imports
• B)U.S.exports but not U.S.imports
• C)U.S.imports but not U.S.exports
• D)neither U.S.exports nor U.S.imports

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Definitions:

Single-Step Income Statement

A form of income statement where all expenses are subtracted from total revenue in one step to arrive at net income.

FOB Destination

A term used in shipping indicating that the seller is responsible for the freight costs and owns the goods in transit until they are delivered to the buyer's location.

Merchandise Inventory

The goods a retail store has purchased and intends to sell to customers, representing one of the retailer's primary assets.

General and Administrative Expenses

Overhead expenses not directly tied to a specific function like production or sales, including executive salaries, legal fees, and other administrative costs.