U.S. citizens pay $5 billion more annually for shoes and Japanese citizens pay $6 billion more for rice than the actual cost of the products because
A. these products were purchased at a lower price from nations that currently are under governmental sanctions.
B. both products are considered essentials and as a result are more heavily taxed.
C. both countries have imposed tariffs on imported goods to protect their domestic markets.
D. both countries have suffered major financial crises due a severe trade imbalance.
E. both countries have imposed limits on the quantity of these goods that can leave their respective domestic markets.
Answer: C
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The following set of items describes activities completed by a company in collecting cash for merchandise sales. For each activity, identify whether or not the activity adheres to or violates sound internal control procedures. A single employee in the mailroom opens the mail, counts the money received, and prepares a control list of the amount received
a. Adheres to sound internal control procedures b. Violates sound internal control procedures c. Neither strengthens nor violates internal control
Answer the following statements true (T) or false (F)
1. When using the effective-interest amortization method, the discount amortization is the excess of the calculated interest expense based on the stated interest rate over the interest payment. 2. When using the effective-interest amortization method, the amount of the interest expense is calculated using the carrying value of the bonds and the market interest rate. 3. When using the effective-interest amortization method, the amount of the interest expense is calculated using the face value of the bonds and the market interest rate. 4. When using the effective-interest amortization method, the amount of the interest expense is calculated using the face value of the bonds and the stated interest rate. 5. When using the effective-interest amortization method, the amount of the interest payment is calculated using the face value of the bonds and the stated interest rate.
Andre's Tennis Club sells season memberships for $1,500 each. During January of 2012, 50 season memberships were sold. As of March 31, 2012, only $45,000 of season membership fees had been collected from customers. The tennis season runs for 6 months starting April 01, 2012. Which one of the following is an amount reported on the Balance Sheet dated March 31, 2012?
A) Unearned tennis membership revenue of $45,000 B) Unearned tennis membership revenue of $37,500 C) Accounts Receivable $75,000 D) Tennis membership revenue of $45,000
The Consolidated Omnibus Budget Reconciliation Act (COBRA) is an act designed to prevent fraud and other abuses associated with private pension funds.
Answer the following statement true (T) or false (F)