The Race-To-The-Bottom Concept Described in the Text Refers to

question 68

Multiple Choice

The race-to-the-bottom concept described in the text refers to

• A)the situation in which countries with high standards are forced to lower their standards or face the loss of jobs and industry.
• B)the situation in which human rights are not respected by trading countries.
• C)adopting the standards of a few selected middle-income and high-income countries.
• D)the use of low per-capita income as a means of comparing the well-being of individuals.

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Definitions:

Production Process

The series of steps and operations involved in the manufacturing of a product or the delivery of a service.

Price Inelastic

Describes a situation in which the demand for a good or service changes little with a change in price.

Extraordinarily Large

A term used to describe a magnitude or amount that significantly exceeds what is common or expected.

Crop

A plant or plant product that is grown and harvested extensively for profit or subsistence.