International Trade Quiz-2

International Trade Quiz-2

Quiz

 

1. For obtaining Import Export Credit Number a firm has to apply
   1.   Directorate General of Foreign Trade
   2.   Director Council of Foreign Trade
   3.   Deputy commissioner of Foreign Trade
   4.   Director Council of Foreign Treaty
2. Import duties or customs duties are:
   1.   Taxes imposed on imported goods
   2.   Taxes imposed on exported goods
   3.   Fees charged for shipping and handling of imports
   4.   Fees charged for quality inspection of imports
3. An Import License is typically issued by:
   1.   Customs authorities of the importing country
   2.   Exporting country's government
   3.   International trade organizations
   4.   Shipping companies
4. Which of the following is NOT an objective of the WTO?
   1.   To protect the environment.
   2.   To improve the standard of living of people in member countries.
   3.   To promote economic growth.
   4.   To increase government revenue.
5. GATS Stands for
   1.   General arrangement tariff and services
   2.   general agreement on trade in services.
   3.   general arrangement on tariff and subsidies.
   4.   General Agreement on Trade and subsidies
6. Which of the following provides subsidies and benefits to exporter?
   1.   IEC Number
   2.   RCMC
   3.   Certificate of origin
   4.   None of the above
7. WTO was stablished on :
   1.   1st July, 1995
   2.   1st January, 1995
   3.   1st April, 1995
   4.   None of the above
8. Which of the following organizations promotes and regulates international trade?
   1.   World Health Organization (WHO)
   2.   United Nations (UN)
   3.   World Trade Organization (WTO)
   4.   International Monetary Fund (IMF)
9. The exporter has to open a bank account in any bank authorised by __________ to deal foreign exchange.
   1.   State Bank of India
   2.   Reserve Bank of India
   3.   Central Government
   4.   State Government
10. Which of the following documents is used to transfer ownership of the goods?
    1.   Indent.
    2.   Letter of credit.
    3.   Shipping order.
    4.   Bill of lading.
11. Dumping in international trade refers to:
    1.   Exporting goods at prices lower than production costs
    2.   Exporting goods at prices higher than production costs
    3.   Importing goods without paying customs duties
    4.   Importing goods to gain a comparative advantage
12. Which of the following documents is a contract between the exporter and the importer?
    1.   Indent.
    2.   Letter of credit.
    3.   Shipping order.
    4.   Shipping bills.
13. Which of the following documents is issued by the bank at the request of the importer?
    1.   Indent.
    2.   Letter of credit.
    3.   Shipping order.
    4.   Shipping bills.
14. Which of the following documents is used to authorize the release of the goods from customs?
    1.   Indent.
    2.   Letter of credit.
    3.   Shipping order.
    4.   Delivery order.
15. What are the objectives of the WTO?
    1.   To promote free trade between countries.
    2.   To reduce tariffs and other trade barriers.
    3.   To ensure that trade is fair and predictable.
    4.   All of the above.
16. What is the World Trade Organization?
    1.   An international organization that oversees and regulates international trade between countries.
    2.   A forum for negotiating trade agreements between countries.
    3.   A body that settles trade disputes between countries.
    4.   All of the above.
17. Which of the following is NOT a factor that promotes international trade?
    1.   Technological advancements in transportation and communication
    2.   Trade restrictions and barriers
    3.   Access to larger markets and consumer bases
    4.   Specialization based on comparative advantage
18. Which of the following documents is issued by the carrier to the exporter?
    1.   Indent.
    2.   Letter of credit.
    3.   Shipping order.
    4.   Mate's receipt.
19. Which of the following is NOT a step in the import trade procedure?
    1.   Obtaining an import license or permit
    2.   Arranging transportation and logistics
    3.   Conducting market research for export opportunities
    4.   Paying import duties and clearing customs
20. Which of the following is NOT a benefit of international trade?
    1.   A. Increased efficiency.
    2.   Increased variety of goods and services.
    3.   Lower prices for consumers.
    4.   Increased national security.