According to the Text,the Cost of Importing a Foreign Sourced

question 70

Multiple Choice

According to the text,the cost of importing a foreign sourced product:

• A)is insignificant.
• B)may range from 26% to 110% of the cost of the product.
• C)may range from 10% to 12% of the cost of the product.
• D)may not be charged if the terms of sale are CIF,port of entry.
• E)may range from 43% to 143% of the cost of the product.

---

Definitions:

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his works "The Wealth of Nations," which laid the foundations of classical free-market economic theory.

European Colonization

The process by which European powers occupied and controlled lands outside their continent, starting in the late 15th century, often resulting in significant cultural and economic changes.

"Discovery"

Often refers to the European "discovery" of lands outside of Europe, although these lands were already inhabited, marking the beginning of colonization.

Andes Mountain Chain

A continuous range of high mountains along the western coast of South America, extending over 7,000 km and including many of Earth’s highest peaks.