Which of the following statements accurately expresses evidence that globalization does not encourage a "race to the bottom" in labor standards?
a. The wages paid by multinational firms to their poor countries' subsidiaries are higher than the wages paid in rich countries.
b. Poor countries that participate in globalization have quickly become rich.
c. Multinational firms tend to pay higher wages than local firms, but they tend to provide lower benefits than existed in the country prior to globalization.
d. Multinational firms must sign contracts with the IMF stating that they will offer exceptional worker benefits.
e. Multinational firms tend to pay higher wages than local firms and tend to provide greater benefits for workers than existed in the country prior to globalization.
e
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If a union successfully negotiates for higher wages and benefits for steel workers, what impact would this have on supply and demand in the market for steel, assuming no other changes take place in this market?
What will be an ideal response?
An increase in taxes
a. raises aggregate expenditure by raising national income, thereby increasing consumption b. raises aggregate expenditure by raising national income, thereby decreasing consumption c. lowers aggregate expenditure by lowering national income, thereby increasing consumption d. lowers aggregate expenditure by decreasing consumption, thereby lowering national income e. has no effect on aggregate expenditure