True or false 1) Globalization is characterized by increasing connectivity

True or false1) Globalization is characterized by increasing connectivity and interdependence of the world’s economies, societies, and cultures.( )2) The principle of free trade allows for movement of goods and services among nations without political or economic restrictions.( )3) Organizations with multinational management and ownership that manufacture and market products in many different countries are called conglomerates.( )4) A country that has comparative advantage sells products to other countries that it can produce cheaply and buys products from other countries that it cannot produce cheaply.( )5) The value of a country’s exports compared to the value of its imports, measured over a specific period of time, is called balance of trade. ( )6) A country runs a trade surplus when the value of its total imports exceeds the value of its total exports. ( )7) A country that barters goods it produces for goods produced by another country is engaged in countertrading.( )8) Global outsourcing presents the lowest risk for a company that wants to reach foreign markets.( )9) Contract manufacturing always involves a company’s use of foreign resources.( )10) When a U.S. company joins with a foreign company to share the risks and rewards of starting a new enterprise in a foreign country, this is called a strategic alliance.( )11) A foreign subsidiary is a company in a foreign country that is totally owned and controlled by the parent company.( )12) Floating exchange rates are affected by the supply-and-demand dynamic.( )13) Culture refers to the shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people.( )14) Nonverbal communication is only responsible for about 10 percent of a message.( )15) Infrastructure is the physical facilities that form the basis for a country’s economic development. ( )16) The current term for nations with low economic development and low average incomes is “developing countries.”( )17) Expropriation is when a government seizes the assets of a domestic or foreign company.( )18) Although bribes are an acceptable practice in many parts of the world, American businesspeople are prevented by law from participating in bribes in foreign countries.( )19) A tariff is a customs duty or tax on imports that functions as a trade barrier.( )

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