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Indicate whether the statement is true or false
FALSE
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NAFTA creates a free trade area, as opposed to a customs union or a common market, due to the fact that:
A) the agreement does not leave the door open for discretionary protectionism. B) the governments of all three nations decided to eliminate tariffs. C) the issue of illegal immigration from Mexico to the United States is resolved. D) restrictions are imposed on the use of goods, services, and investments. E) restrictions are imposed on labor movements among members.
Which of the following is true of a contract with an adjudged insane person?
A) The adjudged insane person is bound by the terms of the contract. B) The contract is void. C) Only the competent party can enforce the contract. D) The competent party is legally obligated to uphold the contract.
The Fish House, a seafood restaurant, obtains from Guaranty Insurance Company a policy that pro¬vides if a dispute arises between the parties concerning the settle¬ment of a claim, the dispute must be submitted to an impartial third party, not a court, for resolution. This is
a. an antilapse clause. b. an arbitration clause. c. an appraisal clause. d. an incontestability clause.
Which of the following is a period cost?
A. Factory foreman salary for the motor production line. B. Indirect labor. C. Direct material. D. Miscellaneous supplies used in production activities. E. Advertising expense.