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TARIFF

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

 False
 True

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

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

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

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

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

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

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

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

 4, 5
 3, 5
 2, 2
 2, 3
 5, 3

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

 True
 False

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

 False
 True

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

 True
 False

A specific tariff is?

 The revenue that the government earns by auctioning off import quotas
 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)
 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)

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

 Tariff Barriers
 Hybrid Barrier
 Certification Barrier
 Non-Tariff Barriers

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

 Consignment
 Time draft / usance bill
 Sight draft