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TARIFF

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

 5, 3
 2, 3
 4, 5
 3, 5
 2, 2

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

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

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

Airway Bill can be a negotiable instrument?

 False
 True

A specific tariff is?

 A tax on imports defined as an amount of currency per unit of the good
 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
 Any tax on a particular imported good (as opposed to one on all imports)
 An import tax that must be paid in kind (giving the government the good itself)

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

 Certification Barrier
 Tariff Barriers
 Non-Tariff Barriers
 Hybrid Barrier

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

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

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

 True
 False

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

 False
 True

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

 False
 True

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

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

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

 Yes
 No

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.

 No
 Yes

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

 False
 True