Mutual recognition of standards refers to
A) the elimination of tariffs and quotas by trading partners.
B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners.
C) the acceptance or keeping of a trading partner's standards as valid and sufficient by another trading partner.
D) separate standards held by different trading partners which other partners refuse to recognize.
C
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Suppose lawn mowers are part of the market basket used to compute the CPI. Suppose also that the quality of lawn mowers deteriorates while the price of lawn mowers stays the same. If the Bureau of Labor Statistics is able to precisely adjust the CPI for the improvement in quality, then, other things equal,
a. the CPI will rise. b. the CPI will fall. c. the CPI will stay the same. d. lawn mowers will no longer be included in the market basket.
The Uruguay Round of GATT negotiations completed in late 1993:
A. established a free trade zone between the United States and Mexico. B. made the Russian ruble convertible into other currencies. C. created the European Union (EU). D. created international protections for intellectual property such as patents, copyrights, and trademarks.