Test Bank For International Marketing Middle East Edition Cateora
The Dynamic Environment of International Trade
True / False Questions
After World War II, the U.S. provided assistance to other countries to develop their markets and improve global trade though it gained no returns on these initiatives.
The GATT became part of the World Trade Organization in 1995, with the ratification of the Uruguay Round agreements.
As part of the worldwide economic growth and rebuilding after World War II, countries once classified as less developed were reclassified as underdeveloped countries.
By the year 1971, the United States was selling more to other countries than it bought from them; that is, the United States had a favorable balance of trade.
The Organization for Economic Cooperation and Development (OECD) has estimated that the economies of the developed world will expand at much faster rates when compared to the developing economies.
A nation’s balance-of-payments statement records all financial transactions between its residents and those of the rest of the world during a given period of time.
In a balance-of-payments record, if the credit and debit offset each other, it means that a nation is in particularly good financial condition.
The reserves account is a record of direct investment, portfolio investment, and short-term capital movements to and from countries.
As the U.S. trade deficit has grown, pressures have begun to push the value of the dollar to higher levels.
Protection of an infant industry is recognized by economists as a valid argument in favor of protectionism.
A case might be made for temporary protection of markets with excess productive capacity or excess labor when such protection could facilitate an orderly transition.
To encourage development of domestic industries, governments work on reducing trade barriers.
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