In the Past, Many Countries Have Relied on Their Own

question 56

Multiple Choice

In the past, many countries have relied on their own standard-setting organizations. The standards issued by these various standard-setting organizations around the world include

• A) Tax-oriented standards.
• B) Business-based standards.
• C) Principles-based standards.
• D) All of these answers are correct.

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Definitions:

Logrolling

The practice of exchanging favors, especially in politics, by reciprocal voting for each other's proposed legislation.

Economic Efficiency

A state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

Trading Votes

Trading votes is the practice of exchanging support for policies or candidates in electoral systems or decision-making processes, sometimes referred to as logrolling.

Logrolling

The process of exchanging favors, especially in politics by reciprocal voting for each other's proposed legislation.