True or False: Imports refer to goods and services purchased from other countries.

• True

• False

True or False: Exports are items that a country sells to other countries.

• True

• False

True or False: A positive balance of trade means a country imports more than it exports.

• True

• False

True or False: The balance of payments includes all financial transactions made between a country and the rest of the world.

• True

• False

True or False: An increase in exchange rates means that a country’s currency is strengthening against others.

• True

• False

True or False: Infrastructure refers only to transportation systems in a country.

• True

• False

True or False: Tariffs are taxes imposed on imported goods.

• True

• False

True or False: An embargo is a restriction on trade with a specific country.

• True

• False

True or False: A budget surplus occurs when government revenues exceed expenditures.

• True

• False

True or False: National debt is the total amount of money a government owes to its creditors.

• True

• False