True or False

1. Industrialized countries are likely to attempt to narrow the domestic gap between savings and investments through joint ventures.

2. Geocentrism refers to the tendency to consider one's own culture superior to others.

3. In Japan, the culture has traditionally placed a premium on loyalty, and employees are encouraged to consider themselves lifelong members of the corporate family.

4. Inadequate foreign language and international business skills have gained U.S. firms contracts, and resulted in strong negotiations and effectual management.

5. The globalization of business brings new opportunities and threats to governments, firms, and individuals.