Question: please solve those question as soon as possible without explanation thank you a lot 6. The following statements are true EXCEPT : A) In individualistic

please solve those question as soon as possible without explanation thank you a lot

6. The following statements are true EXCEPT:

A) In individualistic society, the ties between individuals were loose and individuals achievement and freedom were highly regarded.

B) Most Asian countries tend to emphasize on group culture, whereas in Western countries are towards individualism.

C) The caste system is central component of Buddhism.

D) The Protestant work culture gives importance on hard work, wealth creation and frugality.

7. _________ is adopted by the government bureaucracies to restrict imports or boost exports.

A) Import tax

B) Retaliation

C) Ad valorem tariff

D) Administrative policies

8. _________ eliminates trade barriers between member countries, involves free flow of products and factors of production between member countries and adopt a common external trade policy.

A) Free trade area

B) Customs union

C) Common market

D) Economic union

9. All of the following statements are true EXCEPT:

A) Freedom in economy creates greater incentives for innovation and entrepreneurship.

B) Purchasing power parity (PPP) measures the total annual income of a nations residents.

C) The Trade Related Aspects of Intellectual Property Rights (TRIPS) requires WTO members to grant and enforce copyrights lasting 50 years and patents lasting at least 20 years.

D) In societies where Individualism is emphasized, it encourages job switching, competition between individuals in a company rather than team building, and a lack of loyalty to the firm.

10. Which of the following is NOT true:

A) IMF and World Bank were established during the Jamaica agreement.

B) In order to encourage exports, most countries started to devaluing their currencies.

C) Under Bretton Wood system, U.S. dollar was the only currency to be convertible to gold.

D) In a pegged exchange rate system, the value of a currency is fixed to a reference currency such as to Dollar, Euro or Yen.

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