On Global Labor Standards,the IMF Suggests That

question 75

Multiple Choice

On global labor standards,the IMF suggests that

• A)harmonized standards would be a way to control problematic employment practices.
• B)harmonized labor standards reduce labor related inequities among markets.
• C)higher labor standards are a consequence of economic growth,rather than a cause of it.
• D)the UN should control labor standards through a global conference and protocol.

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Definitions:

Economic Term

A concept or terminology used within the field of economics to describe processes, theories, or phenomena related to how goods and services are produced, distributed, and consumed.

Opportunity Cost

Giving up potential improvements from various alternatives by choosing one option.

Scarcity

Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, leading to the necessity of allocation decisions.

Production

The process of combining various inputs to make goods or services for consumption.