Answer the following statements true (T) or false (F)
1.Changes in a "large" country's economic conditions or trade policies can affect the terms at which it trades with other countries.
2.If a "large" country levies a tariff on imports it cannot improve the terms at which it trades with other countries.
3.For a "large" country, a tariff on an imported product may be partially absorbed by the domestic consumer via a higher purchase price and partially absorbed by the foreign producer via a lower export price.
4.If a "large" country levies a tariff on an imported good, its overall welfare increases if the monetary value of the tariff's consumption effect plus protective effect exceeds the monetary value of the terms-of-trade effect.
5.If a "small" country levies a tariff on an imported good, its overall welfare increases if the monetary value of the tariff's consumption effect plus protective effect is less than the monetary value of the terms-of-trade effect.
1.True
2.False
3.True
4.False
5.False
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Indicate whether the statement is true or false
Moore Company has the following information for the pay period of December 15 - 31, 2012. Salaries $18,000 Federal income tax $2,700 State income tax $2,160 FICA $1,017 Salaries are paid on December 31, 2012. On December 31st, Salaries Expense would be recorded for:
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