International Trade - KL

More imports than exports is a __________ for a country.

• balance of payment

• trade deficit

• trade surplus

• balance of trade

A balance of payment (BOP) shows the monetary transactions in visible and invisible trade between a country and the rest of the world over a period of a year. Transactions are marked either as __________.

• a surplus or a deficit

• growth or recession

• positive or negative

• a credit or a debit

Gross National Product (GNP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

• True

• False

One of the following trade blocs is NOT composed of Latin American countries:

• EFTA

• OPEC

• MERCOSUR

• NAFTA

This supranational organisation deals with the global rules of trade between countries.

• IMF (International Monetary Fund)

• The World Bank

• WTO (World Trade Organisation)

• UN (United Nations)

One of the following is NOT controlled by Customs:

• the assessment and collection of customs duties on imports

• security-oriented control measures

• the prevention of illegal trade or smuggling

• issuing documents that allows entry to a country for individuals

One of the following is NOT a protectionist measure:

• dumping

• tariffs and quotas

• anti-dumping duties

• subsidies for domestic economies

The purpose of the VIES system is to __________.

• charge the VAT to the seller in any country of the EU

• charge the VAT to the buyer in any country of the EU

• verify the VAT ID number of a company in the EU

• exempt any transaction made in the EU from VAT

The document that probes that a restricted type of goods is permitted to be imported is __________.

• Single Administrative Document

• Certificate of Origin

• Certificate of compliance

• Export Licence

The part of a sales contract that defines who is responsible for paying for the financial protection of the goods in case of loss during shipment is

• claim

• warranty

• insurance

• arbitration