How Are Norms Created in the International System

question 45

Multiple Choice

How are norms created in the international system?

• A)By two states establishing a treaty.
• B)When an international institution establishes a set of procedures for states to follow.
• C)When a sufficiently large number of states agree upon expectations of behavior.
• D)When a hegemon declares something to be morally right or justified.
• E)When a state is punished for failing to follow an international norm.

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Definitions:

FIFO

"First In, First Out," an inventory valuation method where goods purchased or produced first are the first ones to be sold or used.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated by adding new purchases to beginning inventory and subtracting the cost of goods sold.

Periodic Inventory System

A periodic inventory system is a method of inventory valuation in which inventory is physically counted at the end of a specific period to determine the cost of goods sold and ending inventory.

Average Cost Method

An inventory costing method wherein the cost of goods sold and remaining inventory is valued at the average cost of all inventory items purchased during a period.