Which Statement Is True of Universal Standards in the Sale

question 76

Multiple Choice

Which statement is true of universal standards in the sale of international products?

• A) The idea of universal standards is being resisted in developing countries.
• B) Firms that adhere to universal standards find the costs to be greater than the benefits.
• C) The international market for industrial goods uses the imperial system as a universal standard.
• D) All governments mandate universal standards.
• E) The lack of universal standards limits the expansion of industries.

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Definitions:

Loanable Funds

The funds available in the financial markets for lending and borrowing.

Equilibrium Quantity

The quantity of goods or services supplied that is exactly equal to the quantity demanded at the market's equilibrium price.

Social Insurance

Programs designed to provide protection against economic risks (such as unemployment, disability, or old age) largely based on contributions that reflect a person's earnings.

Loanable Funds

The pool of money available for borrowing in the financial markets, governed by interest rates, which balance the supply of savers and the demand by borrowers.