The Overall Purpose of the Omnibus Trade and Competitiveness Act

question 47

True/False

The overall purpose of the Omnibus Trade and Competitiveness Act of 1988 was to deal with trade deficits,protectionism,and overall fairness of our trading partners.

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Definitions:

Adverse Selection

A situation in which sellers have information that buyers do not have, or vice versa, affecting the quality of goods or services offered.

Probationary Period

A trial period at the beginning of employment during which an employer can evaluate an employee’s performance and fit with the company.

ISO 9000

A set of international standards for quality management and quality assurance designed to help companies ensure they meet customer and other stakeholder needs.

Adverse Selection

A situation where asymmetric information leads one party in a transaction to select undesirable risks without the other party's knowledge.