Once an Exporter Has Shipped a Product Internationally and the Title

question 47

Multiple Choice

Once an exporter has shipped a product internationally and the title has been transferred,the exporter receives what is called a

• A)international invoice.
• B)bill of lading.
• C)letter of confirmation.
• D)letter of credit.

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Definitions:

Economic Profit

The extra income a business makes after accounting for all costs and expenditures, including opportunity costs.

Profit-Maximizing Output

Profit-maximizing output is the quantity of production at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.

Total Variable Cost

The sum of all costs that vary with the level of output, such as materials and labor, distinct from fixed costs.

Economic Profit

The disparity between total sales and the combined total of explicit and implicit costs.