Explain the three options for setting standards in trade rules
What will be an ideal response?
Harmonization of standards refers to the case where two or more countries share a common set
of standards in an area of concern, such as product safety, labor, environment, fair competition, and so on. Another option is mutual recognition of standards, in which countries keep their own product and process standards, but accept the standards of others as equally valid and sufficient. A third option is separate standards. In this case, countries keep their own standards and refuse to recognize those of anyone else.
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A rise in the minimum wage increases the demand for union labor because this policy change
A) lowers the wage rate paid to union labor. B) raises the productivity of union labor. C) lowers the cost of a substitute for union labor. D) raises the cost of a substitute for union labor.
Assume that you have won a prize of $10,000. Make a list of how you would spend and save the money, from most important to least important.
What will be an ideal response?
When the external balance relationship between government spending and money stock is positive, then the
A) internal balance between them must be negative. B) internal balance between them might be negative or positive. C) internal balance between them must also be positive. D) internal balance between them would not exist.
In terms of aggregate demand and aggregate supply, the Great Depression can be viewed as a:
a. shift to the right of the aggregate demand curve. b. shift to the left of the aggregate demand curve. c. shift to the right of the aggregate supply curve. d. shift to the left of the aggregate supply curve.