The new trade theory states that:
A. the locus of global production initially switches from the United States to other advanced nations.
B. world trade in certain products may be dominated by countries whose firms were first movers in their production.
C. differences in technology may lead to differences in productivity, which in turn drives international trade patterns.
D. differences in labor productivity between nations underlie the notion of comparative advantage.
E. a rich country might actually be worse off by switching to a free trade regime with a poor nation.
B
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If Manufacturing Overhead has a debit balance at the end of the period, then
a. overhead has been underapplied. b. the overhead assigned to Work in Process Inventory is more than the overhead incurred. c. overhead has been overapplied. d. management must take corrective action.
Which of the following is the correct method for starting with gross income and computing taxable income?
A) Subtract the standard deduction and exemptions B) Add the itemized deductions and subtract the exemptions C) Subtract IRA contributions and add exemptions D) Subtract adjustments, deductions, and exemptions