Exporting, Importing, And Countertrade

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Question 1

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Proactive firms do not consider exporting until their domestic market is saturated.

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Question 2

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Ignorance of the potential opportunities is a huge barrier to exporting.

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Question 3

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Exporters often face voluminous paperwork and complex formalities.

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Question 4

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Hiring an export management company (EMC) will help a novice exporter identify opportunities and navigate the paperwork involved in exporting.

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Question 5

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Lack of knowledge is one of the biggest impediments to a company becoming a successful exporter.

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Question 6

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The Japanese sogo shosha have offices all over Japan, and companies wishing to trade with Japan must go through them.

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Question 7

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The most comprehensive source of information for U.S. firms on exporting opportunities is the U.S. Department of Commerce.

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Question 8

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The Small Business Administration organizes trade events that help potential exporters make foreign contacts and explore export opportunities, held in major cities worldwide.

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Question 9

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An export packer can advise companies who are unfamiliar with exporting on appropriate design and materials for the packaging of their items.

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Question 10

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Nearly every state in the United States maintains active trade commissions to promote exports.

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Question 11

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A letter of credit states that an exporter has availed credit from the bank to manufacture goods.

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Question 12

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The bank promises to pay on behalf of the importer when a bank is used as a third party in international transactions.

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Question 13

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A draft is simply an order written by an exporter instructing an importer to pay a specified amount of money at a specified time.

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Question 14

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A sight draft allows for a delay in payment.

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Question 15

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When a time draft is drawn on and accepted by a business firm, it is called a trade acceptance.

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Question 16

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Time drafts cannot be sold to investors at a discount from face value.

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Question 17

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The bill of lading does not serve as a document of title as such.

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Question 18

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The bill of lading can function as collateral against which funds may be advanced to the exporter by its local bank.

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Question 19

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U.S. organizations can get financing aid from the Export-Import Bank.

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Question 20

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Ex-Im Bank has a direct lending operation under which it lends dollars to foreign borrowers.

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