IEI 301 FINAL

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who often arranges for goods to picked

up and delivered to a carrier , selects
the transportation mode and books the
necessary space for the cargo ?
A
A a freight forwarder
B bank
C state-owned committee
D customs broker
which of the following is not true for inter-
national logistic ?
A international logistics allows countries
to export products in which they have a
competitive advantages
B international logistics allow countries
C to import products that are unavailable at
home or produced at lower cost overseas
C international logistics cause the limita-
tion in economic growth in the word
D international logistic help increase the
efficient production transportation and
distribution of product
the procurement and physical transmis-
sion of material of material through the
supply chain from suppliers to customer
is called
A
A material management
B logistics
B distribution
D warranty
what factors influences the need for ad-
equate of goods in international trade ?
A breakage of goods ,moisture and theft
B
B reduce cost of goods
C easier supervision
D easier containerization

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action of legitimate government author-

ities to confiscate cargo war revolution
that impede the conduct of international
business belongs to :
B
A foreign credit risk
B political risk
C transportation risk
D foreign exchange risk
if cargo insurances policy is written for
single trip or shipment , it is
A voyage policy
A
B time policy
C open policy
D closed policy
the rigors of long-distance transportation
of good require protection of merchan-
dise from possible breakage
A A packing
B labeling
C inventory
D documentation
in logistics.... is concerned with the out-
bound flow of materials or products -
NOT SURE
B
A materials management
B physical distribution
C research and development
D storage of material for production
which type of risk a business has to face
with if the government my impose severe
restrictions export, import trade such as
limitation or control of exports/ imports ?
A
A political risk
B foreign credit risk
C transportation risk
D foreign exchange risk

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an exporter sells goods overseas on

FOB and CIF Incoterms (2010 ) , respec-
tively .Who is responsible for the freight
charges in each ?
A
A FOB-importer / CIF-exporter
B FOB -importer / CIF-importer
C FOB-exporter / CIF- importer
D FOB-exporter/ CIF- importer
according to Incoterms 2010 ,an im-
porter has responsible for arranging and
paying the main carriage in
A A EXW
B CIF
C CIP
D DDP
a price agreed in CIF ( incoterms 2010 )
A includes freight charges up to port of
loading
B includes freight charges up to port of
B discharge
C includes freight charges up to ex-
porter's factory
D does not include any freight charge to
any location
how often are inconterms resised to rep-
resent contemporary commerical prac-
tice ?
D a every 2 years
b every 5 years
c every 7 years
d every 10 years

which statement is incorrect ?

A the exporter has an obligation to do
export clearance in CIF ( incoterms 2010
A
)
B the exporter has an obligation to do im-
port clearance in FOB ( incoterms 2010)
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C the exporter has an obligation to do ex-
port clearance in EXW ( incoterms 2010)
D the exporter has an obligation to do im-
port clearance in CPT ( incoterms 2010)
in logistics ....deals with the inbound flow
of material and production- NOTSURE

C A physical distribution
B packing
C material managment
D labeling
the method(s) used to project against for-
eign exchange risks include - NOTSURE

A shifting the risk to third parties only

B shifting the risk to other party in export
D
contract only
C both shifting the risk to third parties
and shifting the risk to the other party in
an export contract
D none of these
according to CIF incoterms 2010
-seller must pay the costs and freight
includes insurance to bring the goods to
....(1)...
-risk is transferred to buyer once the
goods are loaded on the ship at ...(2)...
C
a (1) port of loading (2) port of loading
b (2) port of destination (2) port of desti-
nation
c (1) port of destination (2) port of load-
ing
d (1) port of loading (2) port of destination

in incoterm 2010 which rule can be used

in any mode /modes of transport ?
A
a EXW
B CIF
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C CFR
D FOB
if a firm face a possibility that changes
in foreign currency Values could either
reduce their future receipts or increase
their payments in foreign currency it is
D called
A political risk
B foreign credit risk
C transportation risk
D foreign exchange risk
once an insurance company settles the
insured's claim. it exercises :
A residual rights
C
B subrogation rights
C indemnity right
D claim rights
In Incoterms 2010, FAS (Free Alongside
Ship) and FOB ( Free On Board) are
rules for which kind of transport?
B k ch¯c A. Any kind of transport- se, land or air
B. Inland waterway or sea transport
C. Rail transport only
D. Air transport only
The exporter has an obligation to do im-
port clearance in:
A. CIF, Incoterms 2010
D k ch¯c
B. FOB, Incoterms 2010
C. EXW, Incoterms 2010
D. DDP, Incoterms 2010
............. is common in industries that
have few competitors or in which the
companies product differentiated prod-
A ucts. - NOT SURE

A. Skimming pricing
B. Marginal pricing
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C. Penetrating pricing
D. Demand- based pricing
Which of the following is not belonged
to the Group for maritime transport only
under incoterms 2010?
D A. CIF
B. FAS
C. FOB
D. FCA
In Incoterms 2010, what dose FAS stand
for?
A. Free alongside ship
A
B. Free after ship
C. Fund alongside ship
D. Fund after ship
A sales contracts states that shipment is
from Da Nang port ( Vietnam), to Ham-
burg port (Germany). During its route,
the goods will be transited in Bangkok
port, Thailand. Which of the following is
correct expression if the contract uses
C
delivery term as CIF?
A. CIF Da Nang Port, Vietnam
B. CIF Bangkok Port, Thailand
C. CIF Hamburg Port, Germany
D. Both CIF Da Nang Port, Vietnam and
CIF Bangkok Port, Thailand
According to Incoterms 2010, an ex-
porter has responsible for arranging the
insurance for the goods in:
A A. CIF
B. FOB
C. EXW
D. CPT

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This a common clause in sales con-

tracts that essentially frees both parties
from liability or obligation when an extra-
ordinary event or circumstance beyond
the control of the parties, such as a
war, strike, riot, crime, or an event de-
scribed by the legal term act of God (hur-
A ricane, flood, earthquake, volcanic erup-
tion, etc...), prevents one or both parties
from fulfilling their obligation under the
contract. What clause is it?
A. Force majeure
B. Delivery
C. Packing
D. Payment
A document that specifies the condi-
tions under which an exchange of goods
and/or services is to occur and details
the rights and obligations of the parties
A involved is best known as a:
A. Sales contract
B. Business letter
C. Memorandum
D. Civil core
Oral contract means:
A. A contract need not be concluded or
evidenced in writing
B. A contract must be concluded or evi-
A denced in writing
C. A contract is decided by the exporter
only
D. A contract is decided by the importer
only

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This is a Convention which entered into

force on January 1, 1988. It establishes a
uniform set of rules governing certain as-
pects of the making and performance of
everyday commercial contracts between
sellers and buyers who have their places
D
of business in different nations. What is
it?
A. IMF
B. GATT
C. WTO
D. CISG
The CISG (issued by the United Nations)
stands for "Convention of International..."
A. Sales of goods
A
B. Standards of goods
C. Safety of goods
D. Sensitivity of goods
Which of the following is NOT a motive
behind the move toward the harmoniza-
tion of international contract law?
A. Increase in trade and other economic
relation between nations
D B. The growth of international customary
law
C. The adoption of international conven-
tions and rules
D. Reduction in trade and other econom-
ic relations between nations
Which of the following describes a
method of protection against fluctuations
in the importer' currency?
A. The addition of risk premium on the
A price at the time of the contract
B. The reduction of risk premium on the
price at the time of the contract
C. Establishment of the risk account in
the importer's country
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D. Establishment of the risk account in
the exporter's country
Event thought air carriers are more ex-
pensive, their cost may be offset by re-
ductions in ............. and ................
A. Packing: documentation: mode of
transportation
D
B. Packing: documentation: exemption of
import duties
C. Packing: documentation: inventory re-
quirements
D. Note of these
Who issues a bill of lading?
A. A carrier
A B. An exporter
C. An importer
D. A Chamber of commerce
Which document is the instrument nor-
mally used in international commerce to
effect payment, and it is an order written
by an exporter instructing the importer,
or an importer's agent,to pay a specified
A
amount of money at a specified time ?
A. A draft
B. A bill of lading
C. A certificate of origin
D. A certificate of inspection
Which organization is the forum in which
fares and rates are negotiated among
member airlines?
A A. IATA
B. AITA
C. TAIA
D. AAIT

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A carrier transporting goods under a Bill

of lading is required to exercise "due dili-
gence" in:
A. Making the rail land worthy
B. Making the ship safe and fit for their
B reception, carriage, and preservation of
goods
C. Making the cost of using ship at lowest
cost
D. Making the airplane and airport most
convenience
Which document is often issued to the
exporter by the carrier transporting the
merchandise and it serves as a receipt,
a contract, and a document of title?
A
A. A bill of lading
B. A draft
C. A commercial invoice
D. A insurence certificate
International trade can bring some fol-
lowing benefits, except:
A. To acquire a variety of goods and ser-
vices
B
B. To increase cost of production
C. To increase incomes and employment
D. To learn about advanced technical
methods used abroad
.......in theory, was not an "organization,"
and participating nations were called
"contracting parties" and not members.
A. The General Agreement on Tariffs and
A
Trade (GATT)
B. The United Nations (UN)
C. The World Bank (WB)
D. The World Trade Organization (WTO)

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This agreement came into effect on Jan-

uary 1, 1994. It is also the first reciprocal
free trade pact between a developing na-
tion and industrial countries. What is it?
A
A. NAFTA
B. AFTA
C. EVFTA
D. AKFTA
By entering into regional agreements,
groups of countries aim to ..... trade barri-
ers more ...... than can be achieved under
the auspices of the World Trade Organi-
A zation. - NOT SURE
A. reduce, rapidly
B. reduce, slowly
C. increase, rapidly
D. increase, slowly
USMCA (formerly called NAFTA) con-
sists of.
A. The United States, Canada, and Mex-
ico
A B. The United States, Mexico, and Chile
C. The United Kingdom, Canada, and
Mexico
D. The United Kingdom, Chile, and Mex-
ico
The.......means that once imported
goods have been cleared customs, a
contracting party of GATT is required to
treat foreign imports in the same way as
A it treats similar domestic products.
A. Most favored nations (MFN) standard
B. National treatment (NT) standard
C. Fair standard
D. Discrimination standard

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The .............. is, in essence, an indepen-

dent body whose function is to act as a
referee who can monitor trade between
countries, make sure that no side cheats,
and impose sanctions on a country if it
B break the rules in the trade game.
A. United Nations (UN)
B. World Trade Organization WTO
C. International Chamber of Commerce
(ICC)
D. World Bank (WB)
Smaller nations enter into the Regional
Integration Agreements (RIA) for which
reasons:
A. Market access and creation of joint
ventures with other less developing na-
tions
C B. Market access and establishing
trade and FDI relations with transition
economies
C. Market access and to deal more effec-
tively with larger economies in multilater-
al trade talks and other areas
D. None of these
What is an agreement between countries
in a geographic region to reduce tariff
and nontariff barriers to the free flow of
goods, services, and factors of produc-
A tion between each other?
A. Regional economic integration
B. Harmonization
C. Centralization
D. Decentralization

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Which level of international economic in-

tegration involves the free flow of prod-
ucts and factors of production between
members, the adoption of a common ex-
tremal trade policy, as well as requiring
a common currency, harmonization of a
C
tax rates, and a common monetary and
fiscal policy?
A. Free trade area
B. Customs union
C. Economic union
D. Common market
Which organization is established at the
Uruguay Round with the purpose of
policing the international trading sys-
tem?
A
A. World Trade Organization
B. United Nations
C. International Monetary Fund
D. World Bank
Until 1995, GATT rules applied to all of
the following except:
A. manufactured goods.
B
B. services.
C. textiles.
D. agricultural products.
In............all barriers to trade of goods
and services among members countries
are removed and the countries
A A. Free trade area
B. Customs union
C. Preferential agreement
D. None of the others

The ultimate controlling unit within the

European Union is the:
A
A. European Council
B. European Commission
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C. European Parliament
D. European Central Bank
According to the 1986 Uruguay Round,
the ...... was to be created to implement
the GATT agreement.
A A. World Trade Organization
B. International Monetary Fund
C. United Nations
D. World Bank
An agreement between countries in a ge-
ographic region to reduce tariff and non-
tariff barriers to the free flow of goods,
services, and factors of production be-
A tween each other is referred to as:
A. regional economic integration.
B. socioeconomic integration.
C. political integration.
D. economic-political integration.
The ............ was established to remove
barriers to the free flow of goods, ser-
vices, and capital between nations.
A. United Nations
C
B. International Monetary Fund
C. General Agreement on Trade and Tar-
iffs
D. IDA
At the Doha Round of the WTO in late
2001,
A. the WTO was established.
B. GATT was extended to include ser-
D
vices.
C. world trade volume increased.
D. an agenda was established to phase
out subsidies to agricultural producers.

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Which of the following is seen as a disad-

vantage of the euro?
A. Higher foreign exchange and hedging
costs.
B. National authorities losing control over
B
monetary policy.
C. It becomes difficult to compare prices
across Europe
D. Undermines the development of a
pan-European capital market.
On January 1, 1993,.........moved toward
a single market with 340 million con-
sumers.
A A. The European Union
B. MERCOSUR
C. The Andean community
D. NAFTA
QN=21. In a free trade area:
A. Barriers to the trade of goods and
services among member nations are re-
moved.
A B. A common currency is adopted
C. A single parliament determines politi-
cal and foreign policy
D. A common external trade policy is
adopted
Which of the following is true of a com-
mon market
A. All barriers to the trade of goods and
services among member countries are
removed and each country maintains its
own policy toward nonmember countries
C
B. It involves the free flow of products and
factors of production between member
countries and adoption of individual ex-
ternal trade policies
C. It has no barriers to trade between
member countries, includes a common
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external trade policy, and allows factors
of production to move freely between
member
D. It eliminates trade barriers between
member countries and adopts a common
external trade policy and a common cur-
rency
Identify the incorrect statement about a
common market
A. It has no barriers to trade between
member countries
B. It includes a common external trade
C policy
C. It establishes a central political appa-
ratus coordinating the economic, social,
and foreign policy of the member states
D. It allows factors of production to move
freely between members
Which of the following is not a main insti-
tution in the political structure of the EU?
A. The European Parliament
B
B. The European Central Bank
C. The European Commission
D. The Council of the European Union

Which statement is incorrect ?

A. In secondary market research, infor-
mation can be purchased from public or
private organizations
B. Primary market research is conduct-
ed by collecting data directly from the
C foreign market place through interviews,
focus groups, observation, surveys
C. Primary market research can be less
expensive and time consuming than sec-
ondary market research
D. Primary market research often pro-
vides more specific information and
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more matching with research purpose
than secondary market research
Which of the following is false ? - NOT
SURE
A. Exporters often face voluminous pa-
perwork, complex formalities, and many
potential delays and errors
B. The United States Department of
Commerce stands ready to help poten-
C tial American exporters find potential ex-
port opportunities
C. Only a very few states and cities are in-
volved in trade commissions whose pur-
pose is to promote exports
D. There are a number of private orga-
nizations ready to provide assistance to
would-be exporters
In market research, which issue(s)
should be examined when assessing fi-
nancial and economic condition?
A. Climate
B
B. Trends in inflation, interest rates, ex-
change rate stability
C. Religion and culture of that market
D. Natural resources of that market
A firm wishing to export needs to:
A. Identify foreign market opportunities
and avoid a host of unanticipated prob-
lems that are often associated with doing
business in a foreign market
D B. Familiarize itself with the mechanics of
export and import financing
C. Learn where it can get financing and
export credit insurance, and learn how it
should deal with foreign exchange risk
D. All of the others

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International Trading companies (ITCs)

often offer.......services and have ....... di-
verse product lines than Export Manage-
ment companies (EMCs). ITCs are also
A much......than EMCs
A. More, more, bigger
B. Less, less, smaller
C. More, more, smaller
D. Less, less, bigger
Direct exporting is likely to provide op-
portunities for.......even though it requires
a high degree of financial commitment
A A. High profit margins
B. Low profit margins
C. Medium profit margins
D. No profit margins
If a producer sells through an import
agent, a wholesaler, and a retailer, then:
A. A long channel exists
B. The retail system must be concentrat-
A
ed
C. The Internet probably does not plays a
big role in the economy
D. There is no channel
A(n)........ distribution channel is one that
is difficult for outsiders to access
A. Selective
C
B. Intensive
C. Exclusive
D. Multichannel

Which of the following is not recommend-

ed when considering exporting ?
A. Begin by focusing on many markets
and enter those markets on a large scale
B. Hire an Export Management Compa-
ny (EMC) and be prepared to commit
a lot of time and effort to build relation-
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ships with foreign distributors and/or cus-
tomers
C. Be prepared to hire additional person-
nel in the home office to oversee export
A operations and to hire local personnel
to help the firm established itself in the
foreign market
D. Learn how to avoid different types of
risk in international trade
Which of the following is not a feature of
direct distribution channel ?
A. It can be cheap and not time consum-
ing
B. It offers manufacturers opportunities
to learn about their markets and cus-
A
tomers
C. It allows firms greater control over their
activities
D. It offer manufacturers a chance to gain
better relationship with their trading part-
ners
When evaluating and selecting...........,
there are some major factors which
should be consider, including their lo-
cal reputation, experience with a similar
product or industry and commitment not
to present competing brands
A
A. A potential representatives(agents
and distributors)
B. A potential customs broker
C. A potential bond warehouse
D. A potential State Government and city
agencies

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Which of the following is not true for indi-

rect distribution channel ?
A. Indirect channel needs little or no in-
vestment or marketing experience, and it
is suitable for firms with limited resources
or experience
D B. Indirect channel helps increase overall
sales for the firms
C. Indirect channel is a good way to test
market products before making substan-
tial commitment
D. Indirect channel increases the con-
tact/feedback from end users
Risks of buyer's default or delay in pay-
ment is defined as:
A. Foreign credit risk
A
B. Foreign exchange risk
C. Transportation risk
D. Delivery risk
The primary purpose of....... in the con-
text of foreign trade is to reduce the fi-
nancial burden of losses arising from the
movement of goods over long distances
A
A. Insurance
B. Transportation
C. Investment
D. Inventory
..........is the activity that controls the
transportation of physical materials
through the value chain, from procure-
ment through production and into distri-
C bution.
A. Outsourcing
B. Production
C. Logistics
D. Distribution

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International Logistics:
A. Is using different currency and ex-
change rate
B. Is facing only one national regulation
on customs procedures, documentation,
A
packing and labeling requirements
C. Is suitable for very short distance, and
no need for high inventory levels
D. Has the goods transported mostly by
trucks
An air way bill acts as
A. Document of title only
B. Contract of carriage only
D
C. Shipper's receipt of goods only
D. Both contract of carriage and shipper's
receipt of goods
Which of the following statements is
false?
A. Drafts is an order written by an ex-
porter instructing the importer to pay a
specified amount of money at a specified
time.
C B. A bill of lading serves as a receipt, a
contract, and a document of title
C. Insurance certificate is always issued
by an exporter himself to ensure the safe-
ty for their goods
D. A certificate of origin is the document
evidencing the origin of goods.
Which of the following transport docu-
ments is not appropriate for transporta-
tion by sea?
C A. A bill of lading
B. A charter party bill of lading
C. An airway bill
D. A through bill of lading

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An importer in vietnam buys equipment

from an exporter from U.S.A. The im-
porter requires the exporter to provide
them with a document which attests the
specifications of the goods, and this doc-
ument must be issued by the third party.
Which of the following documents should
D best match this repuirement?
A. A commercial invoice issued by an
exporter
B. A packing list issued by an exporter
C. A certificate of origin which states the
origin of goods only
D. An inspection certificate issued by an
inspection company in the U.S
A method of payment requiring the buy-
er to pay before shipment is effected is
called:
A a. Cash in advance
b. Collection
c. Open account
d. Documentary credit
Which party opens the letter of credit,
and has responsible for making payment
to the beneficiary if they present com-
piled documents?
A
a. Issuing bank
b. Applicant
c. Negotiating bank
d. Beneficiary
Which of the following are potential risks
faced by an applicant under a letter of
credit?
(1) Loss or damagr to goods in transit
B
(2) Foreign exchange risk
(3) Failure of the issuing bank
(4) Fraud in the presented documents
a. 1,2 and 3
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b. 2,3 and 4
c. 1,3 and 4
d. 1,2,3 and 4
A letter of credit is issued by a bank at
the request of a(an)...and states that the
bank will pay a specified sum of money to
a(an)..., on the presentation of particular,
A specified documents.
a. Importer, beneficiary
b. Importer, custom broker
c. Beneficiary, importer
d. Beneficiary, custom broker
In order to limit foreign credit risk from
the importer in international trade, which
payment method the exporter can use?
A a. Letter of credit
b. Open account
c. Clean collection
d. Both letter of credit and open account
Which payment method guarantees that
the beneficiary/exporter will be paid by
the issuing bank provied that they pre-
sented a complied documents?
A
a. Documentary credit
b. Open account
c. Collections
d. Cash in advance
Under a letter of credit, which of the fol-
lowing party will present the documents
to claim payment from issuing bank?
B a. Applicant
b. Beneficiary
c. Freight forwarder
d. Customers broker

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Which statement is incorrect about a let-

ter of credit (L/C)?
a. L/C has the advantage to the exporter
of guaranteeing payment provied that he
presents complied documents
b. L/C is advantageous to the importer
because the importer doesn not have to
pay outfinds for the merchandise until the
D documents have arrived and unless all
conditions stated in the letter of credit
have been statisfied
c. L/C has the disvantage to the importer
because he often must pay to the bank a
fee to issue the letter of credit
d. L/C can help exporter and importer
avoid all types of risk in international
trade
Which statement is false about counter-
trade?
a. Countertrade helps firms contact di-
rectly with their customers.
b. Countertrade helps firms control over
the operation and make sure its confi-
D dentiality
c. Countertrade is costly and mostly suit-
able for multinational companies with
broad-based product lines.
d. Countertrade is very consistent
the national treatment standard under
GATT/WTO
In countries where exchange control re-
strictions are in place,......is quite com-
mon.
A a. Countertrade
b. Exporting
c. Importing
d. Both exporting and importing

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Identify the type of countertrade trans-

action that best fits this example: Levi
Strauss transfer its know-how and trade-
mark to Hugarian firm for the production
and sale of its products, with an agree-
A ment to purchase and market the output
in Western Europe.
a. Buyback
b. Clearing
c. Simple
d. Compenstation
....... offsets are contractual arrange-
ments in which goods and services unre-
lated to the exports are acquired fromor
produced in the host(purchasing) coun-
try. These include, but are not limited,
B certain forms of foreign investment, tech-
nology transfer, and countertrade.
a. Direct
b. Indirect
c. Bilateral
d. Unilateral
Countertrade:
a. Accounts for a very small percentage
of total world trade
b. Refers to range of baterlike agree-
ments by which goods and services can
B be traded for other goods and services.
c. Make sense when a country's currency
is freely convertible
d. Is totally consistent with national treat-
ment standard (nt) which is embolied in
most trade agreements

Which type of countertrade is illustrated

in the diagram?
D
a. Switch trading
b. Offset
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c. Barter
d. Clearing arrangement
Under WTO's viewpoint, countertrade re-
sults in...transaction costs, and is...with
the national treatment standard (NT)
which is enbodied in the most trade
A agreements.
a. Higher, inconsistent
b. Lower, inconsistent
c. Higher, consistent
d. Lower, consistent
Specific tariffs are:
a. Levied as a proportion of the value of
the imported good.
b. Levied as a fixed charge for each unit
B of a good imported.
c. In the form of manufacturing or produc-
tion requirements of goods.
d. Government payment to domestic pro-
ducers.
All of the following are true of tariffs ex-
cept:
A. They reduce the revenue for the gov-
ernment.
B. They can be levied as a proportion of
A
the value of the imported good.
C. They can be levied as a fixed charge
for each unit of a good imported.
D. They impose significant costs on do-
mestic consumers.
What type of duty is used in this case:
$10.00per ton (wheat) or $4.00per dozen
(fountain pens)?
B A. Ad valorem duty
B. Specific duty
C. Compound duty
D. Flexible duty

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The permitted types of manipulation

are......in the case of a bonded ware-
house than for an Free Trade Zone.
A A. More Limited
B. More Flexible
C. At the same level with
D. None of these
Free Trade Zones are certain designated
areas, usually located in or........ a cus-
toms port of duty, where merchandise
admitted........a tariff until it is entered into
A the customs territory.
A. Near, is not subject to
B. Near, is subject to
C. Far from, is not subject to
D. Far from, is subject to
Under the GPS system, which condition
is NOT required for imports from eligible
countries to enjoy tariff exemptions or
reductions?
A. The merchandise is destined to the
United States without contingency for di-
version at the time of exportation.
B. The cost or value of materials pro-
D duced in the beneficiary country and/or
the direct cost of processing performed is
no less than 35 percent of the appraised
value of the goods.
C. The United Nations certificate of origin
is prepared and signed by the exporter
and filed with the entry of the goods.
D. The merchandise must be high-tech-
nology products.
........ is a direct restriction on the quantity
of some good that may be imported into
B a country.
A. Specific tariff
B. Import quota
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C. Subsidy
D. Ad valorem tariff
Economic theory suggests that import
levels are effected by different factors,
including which of the following?
A. Price of imports, exchange rate, and
price of international goods relative to
exports
D B. Price of imports and exchange rate
only
C. Price of imports and price internation-
al goods relative to exports
D. Price of imports, exchange rate, and
price of domestic goods relative to im-
ports.
Low trade barriers:
A. Have facilitated the globalization of
production.
B. Have hurt nations more than they have
A
helped.
C. Increase the costs of imported goods
and services.
D. All of these
Which of the following is false about the
impact of tariff?
A. The government gains because it in-
creases government revenues.
B. Domestic producers gain because
the tariff affords them some protection
D
against foreign competitors by increas-
ing the cost of imported foreign goods.
C. Consumers lose since they must pay
more for certain imports.
D. There is no impact of tariff on price of
import and/or export products.

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In United States, once the.......has been

released from custom, a bond must be
posted to guarantee payment of duty
upon final assessment of duty.
A
A. Merchandise
B. Documentations
C. Company staffs
D. Sales contract
Some countries apply sanitary, pho-
to-sanitary requirements for agricultural
imports. In this case, these requirements
are called:
B
A. Tariff
B. Non-tariff barriers
C. Quota
D. Subsidies
Trade shows provide importers with the
following advantages, except:
A. A variety of products to buy
D B. Opportunities for personal contact
C. Information on competitors
D. Increase in trade barriers among
countries
Which of the following is not a major fac-
tor in international supplier selection?
A. Quality assurance
D B. Financial conditions
C. Buyer-supplier relationships
D. Exporter-freight forwarder relation-
ships

Which is not true for outsourcing?

A. Firms can achieve lower price
B. Firms can gain benefits from ad-
D vanced technology available from foreign
sources
C. Firms can improve their international
competitiveness
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D. Firms will face no problem with quality
and delivery time
Which of the following elements are used
to identify low cost suppliers?
A. Raw materials, labor costs, current
exchange rates, and transportation costs
B. Raw materials, labor costs, and trans-
A
portation costs only
C. Labor costs and transportation costs
only
D. Raw materials and transportation
costs only
Final selection of.......is based on their
international knowledge and experience,
willingness to devote sufficient time to
develop the product and willingness to
A prove training.
A. Supplier
B. Importer
C. Customs
D. Arbitrator
In customs valuation, please select the
correct order in which imported mer-
chandise is appraised.
A. Deductive value, transaction value,
computed value
B B. Transaction value, deductive value,
computed value
C. Computed value, transaction value,
deductive value
D. Computed value, deductive value,
transaction value
In customs valuation, this method starts
with the costs of materials, labor, and
overheads in producing the imported
A
goods. Customs then adds profits and
general expenses incurred by the pro-
duce. Which method is mentioned here?
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A. Computed value
B. ISM value
C. Deductive value
D. Transaction value
According to the United States' customs
regulations, who may not make an entry
for imported goods?
B A. Owner of the goods
B. Unauthorized employee
C. Licensed customs broker
D. Purchaser of the goods
This is the most common type of entry of
imported goods. Merchandise that is not
held for examination is released under
bond. What is this type of entry?
A
A. Entry for consumption
B. Entry for warehouse
C. Entry for transportation in Bond
D. Entry for charity

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