Meaning: To 'raise' means to lift or elevate something to a higher level, in this case, improving living standards.

Wrong options:

• praise: To 'praise' means to express approval or admiration, which does not fit the context of improving living standards.
• appraise: To 'appraise' means to assess the value or quality of something, which is not relevant to the action of improving living standards.
• tease: To 'tease' means to make fun of or provoke someone playfully, which is unrelated to the context of enhancing living standards.

Correct answer: abolish

Explanation: The verb 'abolish' is appropriate as it means to formally put an end to a system or practice, which fits the context of trade treaties lowering tariffs. It is in the correct form to match the subject and the structure of the sentence.

Meaning: To 'abolish' means to officially end or eliminate something, such as tariffs that restrict trade.

Wrong options:

• access: To 'access' means to obtain or make use of something, which does not convey the action of ending tariffs.
• propose: To 'propose' means to suggest a plan or idea, which does not fit the context of lowering tariffs.
• polish: To 'polish' means to make something smooth or shiny, which is unrelated to the context of tariffs.

Correct answer: exploit

Explanation: The verb 'exploit' fits grammatically and contextually as it indicates taking advantage of people for cheap labor, aligning with the negative aspect of outsourcing mentioned in the sentence. It is in the correct form to match the subject and the structure of the sentence.

Meaning: To 'exploit' means to use someone unfairly for one's own advantage, particularly in the context of labor.

Wrong options:

• maladroit: 'Maladroit' means clumsy or inept, which does not fit the context of utilizing labor.
• expand: To 'expand' means to increase in size or scope, which does not convey the negative connotation of taking advantage of labor.
• expend: To 'expend' means to use up resources or energy, which does not fit the context of labor exploitation.

Correct answer: consolidation

Explanation: The noun 'consolidation' fits grammatically and contextually as it refers to the process of combining businesses, which aligns with the trend mentioned in the sentence. It is in the correct form to match the subject and the structure of the sentence.

Meaning: 'Consolidation' means the act of combining multiple entities into a single, more effective whole, often leading to fewer businesses in an industry.

Wrong options:

• inundation: 'Inundation' means an overwhelming abundance of something, which does not fit the context of business trends.
• degradation: 'Degradation' refers to the process of something being damaged or deteriorated, which does not match the idea of combining businesses.
• retardation: 'Retardation' means the act of delaying or slowing down, which does not fit the context of business consolidation.