Marketing & Economics

Italian citizens pay lower taxes on income because Italy has a socialist economy.

• True

• False

A country's infrastructure includes its roads, ports, sanitation facilities, and utilities.

• True

• False

Labor is a factor of production that includes both skilled and unskilled workers.

• True

• False

Scarcity of resources forces nations to make economic choices.

• True

• False

In a market economy, individual consumers decide what items will best satisfy their wants and needs.

• True

• False

A limit on the number or monetary value of a product that can be imported is known as an embargo.

• True

• False

A nation’s balance of trade is the difference in value between its exports and imports.

• True

• False

GATT was an international agreement to open trade markets and promote global free trade.

• True

• False

International trade and foreign investments generate about two-thirds of the profits of U.S. businesses.

• True

• False

A nation experiences a trade surplus when it imports more than it exports.

• True

• False