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.
A
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When part of the quantity of money is held in currency, then
A) a currency drain occurs. B) there is a higher level of excess reserves. C) the money multiplier will increase in value. D) the Fed will find it beneficial to increase the discount rate.
The Bretton Woods exchange rate system was an example of a
A) target zone. B) managed float. C) pure gold standard. D) modified gold standard. E) floating exchange rate system.