Microeconomic Chapter 3

Today, over 90% of the companies doing business globally believe it is important for their employees to have experience working in other countries.

• True
• FALSE

Importing is the selling of products to another country.

• True
• FALSE

Exporting is the selling of products to another country.

• True
• FALSE

The United States imports more products and services than any nation in the world.

• True
• FALSE

The United States is the largest exporter in the world.

• True
• FALSE

Competition in exporting is very intense.

• True
• FALSE

One reason countries trade with other countries is that even technologically advanced nations cannot produce all the products their people want and need.

• True
• FALSE

Free trade is the movement of goods and services between nations without political or economic barriers.

• True
• FALSE

Global trade is the exchange of goods and services between countries.

• True
• FALSE

Global trade includes the exchange of art, sports, and cultural events.

• True
• FALSE