True/False Question ID: 1-1 Question: International business is any commercial transaction that crosses the borders of two or more nations. Answer: TRUE Diff: 1 Page Ref: 4 Skill: Concept Objective: 1-1 Describe the process of globalization and how it affects markets and production. Question ID: 1-2 Question: Imports are goods and services purchased abroad and brought into a country. Answer: TRUE Diff: 1 Page Ref: 4 Skill: Concept Objective: 1-1 Describe the process of globalization and how it affects markets and production. Question ID: 1-3 Question: Products marketed in all countries essentially without any changes are known as sourced products. Answer: FALSE Diff: 3 Page Ref: 6 Skill: Concept Objective: 1-1 Describe the process of globalization and how it affects markets and production. Question ID: 1-4 Question: The term globalization of production refers to convergence in buyer preferences in markets around the world. Answer: FALSE Diff: 2 Page Ref: 6 Skill: Concept Objective: 1-1 Describe the process of globalization and how it affects markets and production. Question ID: 1-5 Question: The General Agreement on Tariffs and Trade (GATT) was designed to promote free trade by reducing both tariffs and nontariff barriers to international trade. Answer: TRUE Diff: 1 Page Ref: 9 Skill: Concept Objective: 1-2 Identify the two forces causing globalization to increase. Question ID: 1-6 Question: Today, NAFTA is the international organization that enforces the rules of international trade worldwide. Answer: FALSE Diff: 1 Page Ref: 9, 10 Skill: Concept Objective: 1-2 Identify the two forces causing globalization to increase. Question ID: 1-7 Question: The power of the General Agreement on Tariffs and Trade (GATT) to settle trade disputes is what sets it