For Developing Countries

question 87

Multiple Choice

For developing countries:

• A)it is best if they avoid trade until ready to compete globally.
• B)encouraging imports only tends to be more successful than encouraging exports.
• C)encouraging exports only tends to be more successful than encouraging imports.
• D)None of these statements is true.

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Definitions:

Shipment Contract

A type of sale contract in which the seller is obligated to send the goods to the buyer, but the risk of loss passes to the buyer when the goods are delivered to the carrier.

Nonconforming

Refers to goods, services, or actions that fail to meet previously agreed upon standards, specifications, or regulations.

CIF

Cost, Insurance, and Freight, a term used in international shipping where the seller is responsible for the cost, insurance, and freight of delivering goods.

Insure Goods

To insure goods means to secure a financial protection or coverage against possible damage, loss, or theft through an insurance policy.