The answer to your question about rating is yes. Your shop manual will have a free flow test based on a low rpm and stock resistance on the suction line. The aftermarket usually uses free flow and whatever rpm they feel like. It's almost useless. What is needed is a graph of flow for rpm at a pressure that represents a nearly open needle and seat (or two or three).
Some circle track guys will go through the trouble of testing.
A diaphram type pump, as these all are, uses inlet and outlet check valves. The Carter and Holley check valves are little flappers (spring loaded). Volume per stroke depends on the diaphram size, the number of valves. Flow depends on the volume per rpm. The spring returns the diaphram. Enough pressure prevents the return and provides regulation.
Catherder explains it better than I. See
racingfuelsystems.myfunforum.org - View topic - Daytona's 'improved' Inlet Needle & Seat?
Follow the link to the Studebaker Carter 3508 thread for inside pictures of this type of pump.