Argonia and Selenia have specialized in the production of industrial equipment and pharmaceuticals respectively. Argonia exports industrial equipment to Selenia, which in turn exports chemicals and medicines to Argonia
According to the theory of comparative advantage, this mutually beneficial trade relationship best illustrates:
A. the significance of trade barriers.
B. a positive-sum game.
C. a first-mover advantage.
D. the advantages of mercantilism.
E. a zero-sum game.
B
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Indicate whether this statement is true or false.
In its first year of operations, Badonna Corp. reported Income Tax Expense of $41,000 and Income Tax Payable of $13,000. At the end of the year, Badonna reported a current Deferred Tax Asset of $14,000 and a noncurrent Deferred Tax Liability of $5,000. What is the amount of cash paid for income taxes during the year?
A) $37,000 B) $33,000 C) $19,000 D) $9,000