What Is a Basic Criticism of Global Financial Institutions

question 66

Multiple Choice

What is a basic criticism of global financial institutions?

• A) They failed to focus on the aim of reducing inequalities between rich and poor countries.
• B) They failed to help the Asian countries substantially when they underwent a major financial crisis in the 1990s.
• C) They failed to respect the autonomy of member nations by deeming any bilateral agreements between members as illegal if made without their approval.
• D) They failed to foresee and counter the unintended effects of globalization like pollution, exploitation, and cultural extinction.
• E) They failed to suppress the terrorists who were responsible for the attack in London that coincided with the G8 summit.

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Definitions:

Direct Labor Standard

A benchmark for the amount of labor time that should be consumed in the production of a good or service, used for costing and efficiency analysis.

Labor Rate Variance

The financial difference between the actual cost of labor and the budgeted (or standard) cost of labor, influenced by the wage rates paid and the amount of labor hours used.

Labor Standards

Benchmarks or norms established for the amount of labor required to perform a task efficiently, often used to set production targets and labor budgets.

Particular Product

A specific item or good offered for sale by a business.