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When a country produces a good or service for a lower opportunity cost than other countries, it is a ___.
Comparative cost advantage
The acquisition of banking services in a foreign country equals to ___.
an invisible import
The goods and services sold to other countries are called ___.
Exports
In a Balance of Trade (BOT), more imports than exports signals a ___.
trade deficit
In a balance of Payment (BOP), transfers from abroad are marked as a ___.
credit
The value of all goods and services made by a country's residents and businesses over a year, regardless of production location is called ___.
GNP (Gross National Product)
This system allows countries in the EU to identify the valid VAT number of a company a European country wants to trade with.
VIES (VAT Information Exchange System)
This trading bloc is composed of countries located in North America.
NAFTA
The organisation in charge of facilitating global trade by means of regulations and agreements is the ___.
World Trade Organisation (WTO)
Customs helps to prevent the traffic of forbidden products. This illegal action is called ___.
Smuggling
Generally, customs ___ are not generally applied to imports between member nations of a trading bloc.
Duties
An official limit in the amount of imports is called a ___.
Quota
The export of goods at a much lower price than the one in domestic markets is called ___.
Dumping
An official ban, especially on trade or other commercial activity with a particular country is called ___.
An embargo
In foreign trade, Which country's VAT rate is assumed, and who pays it?
The buyer assumes it with the VAT rate of their country.
This type of tax is added to goods and products at each stage of production, distribution, or sale to the end consumer.
VAT (Value Added Tax)
This document may be needed for the trade of restricted products.
Export licence
This document is used in foreign trade to prove where goods come from.
Certificate of origin
The part of the sales contract that estates who is responsible for paying for the financial protection of good in case of loss or damage is ___.
Insurance
How many Incoterms are there in 2021?
11


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