A Broker or Other Import Consultant Can Help an Importer

question 51

Multiple Choice

A broker or other import consultant can help an importer minimize import duties by ________.

• A) bypassing duty rebates available through drawback provisions
• B) incurring duties by using non-bonded warehouses and foreign trade zones
• C) maximizing liability by improperly marking an import's country of origin
• D) valuing products in such a way that they qualify for more favorable duty treatment

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Definitions:

Perfectly Price-Discriminating Monopoly

A theoretical market structure in which a monopolist charges each consumer the maximum they are willing to pay, capturing all consumer surplus.

Profit-Maximizing Level

The point at which a firm achieves the highest possible profit, where marginal revenue equals marginal cost.

Efficient

The characteristic of maximizing productivity with minimal waste, effort, or expense.

Inefficient

Describes a market or economy in which there are missed opportunities: some people could be made better off without making other people worse off.