Extraordinary repairs are expenditures extending the asset's useful life beyond its original estimate,and are capital expenditures because they benefit future periods.

An increase in the price level means that a dollar buys __________ goods and services so the value of a dollar __________.

Which of the following groups is likely to lose from free trade?

A) Producers of an industry that has been protected from foreign competition
B) Consumers purchasing goods and services
C) Firms aware of the potential gain from free trade
D) Foreign producers buying quota rights to sell goods in the domestic market
E) Domestic producers importing raw materials for the production of manufactured goods

If a business involves the sale or preparation of food, a business owner will need to obtain health department permits and also be subject to regular inspections.