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TARIFF

Starting from free trade, when a tariff is applied to imports in a small country, which of the follo

 II, and IV only
 All but V
 II and V only
 I, III, and IV only
  I and III only

A tariff on imports benefits domestic producers of the imported good because?

 It prevents imports from rising above a specified quantity
 It reduces their producer surplus, making them more efficient.
 They get the tariff revenue.
 It raises the price for which they can sell their product on the domestic market
 All of the Options.

In bonded transportation, the customs formalities performed at port of arrival instead of ICD?

 False
 True

There are or more parties involved in a letter of credit transaction. Whereas parties are involved i

 5, 3
 3, 5
 2, 3
 2, 2
 4, 5

A specific tariff is?

 Any tax on a particular imported good (as opposed to one on all imports)
 The revenue that the government earns by auctioning off import quotas
 A requirement to pay the government a specified fraction of the monetary value of an imported good
 A tax on imports defined as an amount of currency per unit of the good
 An import tax that must be paid in kind (giving the government the good itself)

Seller agreed to deliver 300 tons of coffee to buyer CFR port of Karachi, Pakistan. The goods were transported and unloaded at the port of discharge and kept at customs shed for inspection and payment of duties. The buyer was notified of the arrival of the merchandise and its location. Before the buyer picked up the goods, the customs shed (including the merchandise in it) was destroyed by fire.

 Yes
 No

Assume that goods are available to an importer before payment that payment is made by the importer a

 Time draft / usance bill
 Sight draft
 Consignment

In document against acceptance method, the buyer can take possession of goods without making the pay

 True
 False

A bill for goods from the seller to the buyer that contains the description of the goods, the addres

 Bill of lading
 Commercial invoice.
 Certificate of origin.
  Shipper export declaration

In general, protectionism contributes to industrial efficiency and makes a nation competitive?

 True
 False

For an importer, sight bill (L/C) is more convenient than the usance bill (L/C)?

 False
 True

In August 2006, International Commodities Export Corporation (ICEC) entered into an agreement for th

 No
 Yes

Airway Bill can be a negotiable instrument?

 False
 True

China: The country has a compulsory product certification system for vehicles, tires and seat belts.

 Certification Barrier
 Tariff Barriers
 Hybrid Barrier
 Non-Tariff Barriers