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1、Chapter 1 International Trade1. What are the reasons for international trade? There are three main reasons: resource reasons, economic reasons, and political reasons. The resource reasons refer to the uneven distribution of resources such as natural resources, capital, and labor. The economic reason
2、s are explained by the principal of absolute advantage and the principal of comparative advantage. Besides, nations are motivated to trade or not to trade with each other by international and domestic political needs.2. What is the principal of comparative advantage?Created by David Ricardo, the pri
3、ncipal of comparative advantage is a basic theory for specialization and trade which says trade will benefit both nations provided only that their relative costs, that is, the ratios of their real costs measured by labor-hour or another commodity, are different for two or more commodities. In other
4、words, trade depends on differences in comparative cost or opportunity cost, and one nation can profitably trade with another even though its real costs are higher (lower) in every commodity.3. What are the benefits of international trade?The benefits of international trade include cheaper goods, mo
5、re choices of goods, wider market for domestic producers, and the growth of domestic and world economy.4. Why does trade protectionism still exist despite the benefits of international trade?Trade protectionism exists for economic and political reasons. Nations want to protect their infant industrie
6、s and jobs from foreign competition, to maintain balance of payment, and not to support their foes.5. Want are some of the forms of trade restrictions?Trade restrictions take the forms of tariff barriers and non-tariff barriers.6. What is a tariff barrier and what is a non-tariff barrier?A tariff ba
7、rrier is a direct monetary burden to discourage trade in which a duty or fee is levied on goods being imported into (or exported out of) a country. A non-tariff barrier, on the other hand, is not directly a monetary burden though it often costs more time and money. Non-tariff barriers include quota,
8、 license, foreign exchange control, technical standards, and regulations, etc.Terms1. A tariff: is a duty or fee that is levied on goods being imported into (or exported out of) a country.2. Surtax: is an additional tax. It may also be temporary and discriminatory. In international trade, import sur
9、tax is often collected to cope with international payment difficulties and to prevent dumping. 3. Anti-dumping duty: is a fee that is collected by the importing country when it believes that the exporting country is selling a significant amount goods to the importing country at prices much lower tha
10、n in the exporting country.4. Specific duty: is a tax of a certain sum assessed and collected on an article without reference to its value or market. 5. Ad valorem duty: is a tax which is graded according to the cost, or market value, of the article taxed.6. A quota: is a quantitative restriction or
11、 an upper limit in terms of physical quantity or value.7. An import license: is a permit for import issued by the government to control the import of goods.8. Foreign exchange control: means various forms of restriction imposed by a government on the purchase/sale of foreign currencies by residents
12、or on the purchase/sale of local currency by nonresidents.Chapter 2 Terms of Delivery1. What are the key issues that a contract must spell out clearly?Sellers and buyers responsibilities and associated costsTime and place of deliveryDocuments and expensesTitle to the goods2. Why are Incoterms create
13、d?Incoterms are created to provide a set of international rules for the interpretation of the most commonly used trade terms in foreign trade. Thus, the uncertainties of different interpretations of such terms in different countries can be avoided or at least reduced to a considerable degree. 3. How
14、 are the terms structured in Incoterms?The terms are grouped in four basically different categories: E-term, F-terms, C-terms, and D-terms. E-term requires the seller to make the goods available to the buyer usually at the sellers own premises. F-terms require the seller to deliver the goods to a ca
15、rrier appointed and paid by the buyer. C-terms require the seller to contract and pay for carriage without assuming the risk of loss of or damage to the goods or additional costs due to events occurring after shipment and dispatch. D-terms require the seller to bear all costs and risks needed to bri
16、ng the goods to the place of destination.4. Do you have to use Incoterms in every transaction? Why or why not?No, sellers and buyers dont need to use Incoterms in their transaction because Incoterms are created only to provide an option, not an obligation. 5. What should be considered in the choice of terms of delivery?Transport capacityCustomers locationFreight rateLoading/unloading facilities and local port customRisks in transitChapter 3 Cargo Packaging, Stowage & Marking1. General
