Separate standards refers to
A) the elimination of tariffs and quotas by trading partners.
B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners.
C) the acceptance of a trading partner's standards as valid and sufficient by another trading partner.
D) standards held by different trading partners which other partners refuse to recognize.
D
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In 1970 the Social Security tax rate was ______ and had increased to ______ by 2012.
A. 0.84%; 0.124% B. 12.4%; 8.4% C. 8.4%; 12.4% D. 84%; 124%
The legal system in the United States tends
A) to support monopolies. B) to actively discourage unionization. C) to discourage the entry of new firms into industries. D) to promote competition.
The price elasticity of supply is the __________________ change in the quantity supplied of a good or service divided by the percentage change in the price.
a. quantity b. percentage c. relative d. absolute
Which of the following scenarios best illustrates the concept of cyclical unemployment?
A. Grace loses her job because of new automated machinery. B. Sean quits his job to look for work that is more fun. C. Ellen quits looking for work because she doesn’t think she can find a suitable job. D. Marian loses her job because of a recession.