FM 2.04 Review

China is the largest exporter of manufactured textiles and apparel in the world.

• True
• False

Trade has been opening up throughout the world recently, referred to as “managed trade.”  

• True
• False

International diplomacy tries to balance negotiations between nations with political and economic issues.

• True
• False

U.S. protectionism is an international trade accord that reduces tariffs, quotas, and other trade barriers around the world, tries to liberalize trade, and serves as an international trade court.

• True
• False

In general, developing countries import more goods and developed countries export more goods.

• True
• False

A country’s infrastructure involves the existence and condition of roads, transportation systems, electricity, telephones, and technology.

• True
• False

The North American Free Trade Agreement includes the U.S., Canada, and Mexico.

• True
• False

Twin plant programs use two manufacturing sites, which are two identical buildings located next to each other.

• True
• False

In general, retailers have always favored protectionism.

• True
• False

U.S. retailers have been much more successful than U.S. manufacturers in entering foreign markets.

• True
• False