PHS PBMF2019 - Chapter 3 Review

The United States imports a large share of the natural resources used by its industries

• True

• False

One goal of the World Trade Organization (WTO) is to eliminate import quotas

• True

• False

Domestic business refers to business activities needed for creating, shipping, selling goods across national borders

• True

• False

Without foreign trade, many things you buy would cost more or not be available

• True

• False

The value of currency in one country compared with the value in another country is called the interest rate

• True

• False

A country's culture, traditions, and religion can sometimes act as informal trade barriers

• True

• False

Multinational companies sometimes control a country's political power

• True

• False

A free-trade zone is a selected area where products can be imported duty-free and then stored, assembled, and/or used in manufacturing

• True

• False

A country may set a quota to protect one of its industries from too much competition

• True

• False

The amount the country owes to other countries is called _____________?

• national debt

• foreign debt

• trade deficit

• balance of payments