International trade theory and practice questions and answers in October 2021

2022-07-09 0 By

International Trade Theory and Practice test Paper (Course Code: 00149) for the Self-taught Higher Education Examination (OCT 2021)1. Transit trade is also called (B) a. transit trade B. entrepot trade C. direct trade D.Trade in services 2. The following statements about the volume of foreign trade are correct.The volume of foreign trade mainly reflects the status of trade scale. B. Affected by price changes, it cannot reflect the change of a country’s trade scale.Just like the world trade volume, different periods can be directly compared.The international division of labor system was finally formed, which is embodied in (C) A. Typical division of labor between suzerain and colony B.The big machine industry laid the material foundation for the international division of labor. [C] The center of division of labor changed from Britain to a group of countries.The use of violence to integrate backward countries into the international division of labor 4.[B] the rise of handicraft industry. [C] the separation of handicraft industry from agriculture.Formation of multilateral trade and payment system 5.Free market price refers to (C) A. Internal prices among regional economic groups.b.The price adopted by the multinational corporation to avoid the foreign exchange control of the host country, etc. C. the price of voluntary trading by independent operators free from monopoly power and administrative intervention D.Agreement prices under International Commodity Agreements 6.Comparative advantage theory holds that the cause or basis of international division of labor and trade is (B) A.Absolute differences in Labour productivity and production costs between countries b. relative differences in Labour productivity and production costs between countries C.Non-difference of labor productivity and production cost among countries d. relative difference of factor endowment among countries 7.A trade protocol needs to be signed by the heads of government of both countries and ratified by national legislatures B.A trade agreement is easier to sign than a trade protocol.Compared with A treaty on trade and navigation, the procedure for signing A trade agreement is relatively simple.Free trade zone is a widely used regional economy at present — in the form of body b. Free trade zone expands the free circulation of goods in the region and eliminates customs and other institutions C.All member countries of the FREE trade zone need to unify and coordinate various economic policies.The following options which fall under the static effects of the customs union are (D) a. Achieving economies of scale B.C. Rational allocation of factors of production D. Trade transfer effect 10.In gATT, the principles of immunity and emergency action are not subject to (B) A.The parties concerned shall be consulted before implementing safeguards b. Principles of special preferential treatment for developing countries C.If consultations fail to reach a consensus, the importing country is allowed to adopt safeguard measures unilaterally d. Safeguard measures are to be applied on a non-discriminatory basis to all imports of the same type of product from the Contracting Party 11.The provisions of wto on regional trade arrangements do not include (C) A. The contribution of free trade areas and other economic and trade groups to the development of world trade B.Expand the scope of trade liberalization of economic and trade groups from trade in goods to areas other than trade in goods C.Demand that regional economic organizations must be subordinate to the leadership of the WTO d. reaffirm the constraints on the establishment of free trade areas and customs unions 12.Of the following terms, the one with the meaning “ex works” is (C) A.CFR B.IP C.EXW D.C. PT13.If the contract is to be paid by L/C with the word “about” before the transaction quantity, according to the international practice, the amount of increase or decrease in the quantity allowed is not more than (B) A.5% B.10% C.12% D.15%14.(D) A is usually used to represent the quality of technology-intensive products such as machines and electrical appliances, which have complex structures and abundant data.Selling by specifications B. by grades C. by trademarks D. by specifications and drawings 15.The weight of the goods plus the weight of the package is called (B) a. Gross b. gross C.Net weight D. Theoretical weight 16. The package that directly touches the product and goes with the product to the retail outlet to meet the consumer is (A) A.17. The mode of transportation developed with the production of petroleum is (D) A.A. by road B. by rail C. by international multimodal D. by modern pipeline 18.A) liner transport B) liner transport C) liner transport D) liner transportLiner transport has the characteristics of “four fixed”. C. Liner transport stipulates the loading and unloading time of goods.Shipping by liner suitable for general groceries and small trade goods 19. A company exported A batch of rice. The sea water poured into the ship’s hold during the voyage, and the rice was soaked so that it could not be eaten.Actual total loss constructive total loss General average particular average 20. Of the following risks, the basic risk under Marine Cargo clauses is (C) A.War risk B. Strike Risk C. All Risks D. Odor 21. The usual drawer is (A) A.Exporter B. importer C. issuing bank D. applicant 22. Among the following methods of remittance, the collection is prompt and the procedure is safe and reliable, but the remitter bears A higher cost is (B) A.23. A draft used in collection is usually drawee of (B) A.Seller B. Buyer C. consignor D. Collecting bank 24. It is usually stipulated in an arbitration clause that the arbitration fee shall be borne by (C) A.The exporter shall bear the burden. B. the importer shall bear the burden. C. The losing party shall bear the burden.(C) tsunami B) war C) force Majeure26. The following statements concerning the withdrawal and withdrawal of the offer are correct (C) A.Withdrawal of an offer means to prevent it from taking effect after it has been delivered to the offeree. B. Only a revocable offer can be withdrawn according to the United Nations Convention on Contracts for the International Sale of Goods.Under the United Nations Convention on Contracts for the International Sale of Goods, even irrevocable offers can be withdrawn D.Withdrawal of an offer is to prevent it from taking effect until it has been delivered to the offeree. 27. According to the United Nations Convention on Contracts for the International Sale of Goods, the following statement regarding acceptance is correct (C) A.Acceptance must be in writing. B. Acceptance must take the form of a statement. C. Acceptance can be expressed in action.(D) accept (c) accept (D) acceptThe commission charge for l/C amendment is generally borne by the party proposing the amendment. B. The importer must apply for the amendment to the issuing bank C.Where more than one item is amended, the beneficiary cannot choose to accept one or more of the items.Amendment of the L/C shall be carried out in accordance with the procedure and only by the exporter. 29. For import and export contracts concluded on CIF basis, the insurance shall be effected by (B) A.Importer B. exporter C. agreed by both parties in the contract D. uncertain 30.An exporter entrusts A foreign dealer to carry out spot sales to the user.A. sales b. sales C. consignment D. bidding 2. Multiple-choice questions: 1.31. Late mercantilist measures included (BCDE) A. Prohibition of currency exports B.Ban export of important raw materials C. Reduce or exempt export taxes D. Encourage export with subsidies E.The following terms apply to the various modes of transport: ABE, ABE, ABE, ABE, ABE, ABE, ABE, ABE.Bill of lading can be classified as (CDE) A. Through bill of lading B.Transshipment bill of lading c. open bill of Lading D. blank bill of lading E. Order bill of lading 34. The following letters of credit classified by import and export business and mode of international trade are (BCD).B. Sight letter of credit C. Advance letter of credit D. Reverse letter of credit E.The basic forms and practices of counter trade are (ABCDE) A.Barter trade B. compensation trade C. mutual purchase D. transfer trade E. offset trade 3.In 2019, China’s total trade in services was 743.392 billion US dollars, and its total trade in goods was 4.576126 billion US dollars.Try to calculate the generalized foreign trade structure of China in 2019.Solution: Structure of foreign trade in goods = total amount of import and export goods/total amount of import and export x100% (2 points)=45761.26/(45761.26+7433.92)×100%=86%(1 mark) Structure of foreign service trade = Total amount of import and export services/Total amount of import and export ×100%(1 mark)=7433.92/(45761.26+7433.92)×100%=14% (1 mark)37We have a request for Marine all Risks insurance at CIF price plus 20% for an export shipment totalling US $19,800 CFR.If the premium rate is 1%, try to calculate the premium payable.Solution: Insurance premium =CFR price × premium insurance × premium rate /(1-premium insurance × premium rate)(2 marks)=19800×120%×1%/(1-120%×1%) (2 marks)=240.49 US Dollars (1 mark)24 points in total.38. Briefly describe the characteristics of the international division of labor after world War II.Answer :(1) the division of Labour between industrial or developed countries dominates.(2) The division of labor within industrial sectors among developed countries has gradually increased.(3) The division of labor between developed and developing countries is developing, while the division of labor between industrial countries and agricultural and mining countries is weakening.(4) The internal division of labor among members of regional economic and trade groups has developed rapidly.(5) The international division of labor in service industry is gradually taking shape.(6) Internal division of labor and external division of labor constitute an important part of the international division of labor.39. Briefly describe the similarities and differences between FOB and CIF terms in General Rules 2010.A: Similarities: the point of delivery and the risk transfer limit are both on the vessel at the loading port.The applicable mode of transportation is all by water.(1 point) The responsibilities of handling export formalities are the same.The FOB terms are handled by the buyer for transportation and insurance.CIF Transportation and insurance are handled by the seller.40. Briefly describe the main contents of the letter of credit.Answer :(1) a description of the credit itself;(2) Explanation of bills of exchange.(3) Description of the goods to be shipped.(4) Description of transport matters.(5) Description of shipping documents.(6) Other matters.(7) UCP.One point for each point, six points for all correct answers.41. Briefly describe the principles to be followed in making documents and settling foreign exchange.Answer: After the shipment of goods, the relevant company or enterprise shall correctly prepare various documents according to the provisions of the contract or letter of credit and hold one-way local bank for settlement of foreign exchange.(1) Correct.(1分) (2) Complete.(3) In time.(1分) 4.(1分) 5.5. Essay questions: this big question 10 points.42. Describe the meaning and main forms of an “automatic” export quota system.A: “Automatic” export quotas, also known as “automatic” export restrictions, are also a means of restricting imports.(1 point) It refers to that the exporting country or region, under the requirement or pressure of the importing country, “automatically” sets the export restriction of certain commodities to the country in a certain period of time, controls the export within the limited quota, and prohibits the export beyond the quota.(3 points) “automatic” export quota system mainly has the following two forms :(1) non-agreement “automatic” export quota, that is, not subject to the international agreement, but by the exporting country under the pressure of the importing country, unilaterally set export quota, restrict the export of goods.(2) The “automatic” export quota of the agreement refers to the “self-limiting agreement” or “orderly sales agreement” signed by the importer and exporter through negotiation, which stipulates the export quota of certain commodities within the period of validity in the agreement. The exporting country implements the export license system or export quota visa system according to the quota, and restricts the export of these commodities by itself.6. Case Study questions: There are 2 questions in this big question, each question is 8 points, a total of 16 points.43. Read the case study and then answer the questions.I a foreign trade company to Malaysia exports – a batch of goods, a total of 8000 kilograms.The l/C from abroad stipulates: “Partial shipment is not allowed, shipment before September 30”.On September 8 and September 10 respectively at Dalian and Yantai, per s.S. “Dongfang”, for shipment to Malaysia. The two bills of lading also indicate different ports of shipment and dates of shipment.Within the time limit stipulated in the credit, we will forward two copies of bills of lading and the relevant documents to the bank for negotiation.Can we settle the exchange smoothly?Please give your reasons.Answer: we can settle the exchange smoothly, the bank cannot refuse to pay.According to UCP600, multiple shipments to the same means of transport, same voyage, same destination shall not be regarded as partial shipments even if the bill of lading indicates different ports of loading and different dates of shipment.Therefore, in this case, the documents presented by our export company comply with the stipulations of the L/C, and the bank should pay.(2分)44. Read the following cases and answer the questions.On the morning of July 8th, company A sent A firm offer to foreigner B by E-mail, showing the gunny bag packing.After receiving the email, foreign trader B immediately replied “accepted, new gunny bag packaging”.After receiving the reply, company A began to prepare the goods, but when urging the LETTER of credit, foreign merchant B said, “Since you did not confirm the packing conditions of the new gunne bags, there is no contractual relationship between us”.Company A insists that the contract has been established.Question: Is the contractual relationship between company A and foreign merchant B established?Why is that?A: The contractual relationship is established.(2 marks) The email reply of foreign party B is conditional acceptance, and the change of packaging conditions does not constitute a substantive change, and the contract relationship is still established.(3 marks) unless the offeror disagrees and notifies the offeror immediately.(1分) In this case, Company A did not object to foreign merchant B’s acceptance of the non-material modification of the contract conditions, so the contract is established.(2 marks) wechat official account: Tianfu Self-Study Exam Self-Study Room