What are the three ways for countries to handle different standards abroad? Do standards have to be the same for countries to be integrated? What are the advantages and disadvantages for countries that adopt the same standards?

What are the three ways for countries to handle different standards abroad? Do standards have to be the same for countries to be integrated? What are the advantages and disadvantages for countries that adopt the same standards?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter33: International Trade

Section: Chapter Questions

Problem 8QP

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Policy Instruments for Environmental protection

Policy Instruments for Environmental Protection link policy development and decision making to policy implementation to protect the environment and promote sustainable development. Economic growth brings great risk to the environment and often puts increased pressure on environmental resources. But it is the responsibility of the policymakers to ensure that the risk caused to the environment through developmental projects is kept in check. Environmental protection is central to sustainable development. They can be both beneficial and equitable. Environment protection policies can be used to deter environmentally damaging activities. They also improve social equity and raise revenue. 

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What are the three ways for countries to handle different standards abroad? Do standards have to be the same for countries to be integrated?

What are the advantages and disadvantages for countries that adopt the same standards?

Why do standards vary across countries? Illustrate your answer with examples in the area of labor standards.

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