True. Customers across the world are from different religions and cultural backgrounds. Moreover, their tastes and preferences also vary. 

International trade involves buying and selling of different goods and services across the world, which in turn involves purchase and sale of different international currencies.

False. International trade is always subject to various government regulations, policies, and tax regimes all over the world. 

True. There are certain things that each country can produce efficiently. A country can produce a surplus of those products or services and export them to other countries. Similarly, it can import the goods or services which it is deficient in. This pattern of expertise based on uneuqal distribution of resources provides a strong incentive for international trade.

In licensing, the domestic manufacturer gives the right to use intellectual property such as patent and trademark to a manufacturer in a foreign country for a fee.

Joint venture requires higher level of risks. 

Contract manufacturing refers to outsourcing a part of or entire production and concentrating on marketing operations in international business. 

Limited presence in foreign markets is not an advantage of exporting.

When two or more firms come together to create a new business entity that is legally separate and distinct from its parents it is known as a joint venture.