When a Country Allows Trade and Becomes an Importer of a Good

question 49

Multiple Choice

When a country allows trade and becomes an importer of a good,

• A)everyone in the country benefits.
• B)the gains of the winners exceed the losses of the losers.
• C)the losses of the losers exceed the gains of the winners.
• D)everyone in the country loses.

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Definitions:

F.O.B. Contract

A shipping agreement where "Free On Board" determines that the seller delivers goods on board a vessel designated by the buyer, transferring the risk from the seller to the buyer once the goods are onboard.

C.O.D. Contract

Contract of "Cash On Delivery" where payment for goods is made at the time of delivery rather than in advance.

Privity of Contract

A legal concept that restricts the parties who can sue or be sued under a contract to those who are a part of the contract agreement.

Consumer Transactions

Business dealings or trade between sellers and individuals who are purchasing for personal, family, or household use.