International Trade: Import and Export
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Questions and Answers

What is import trade classified as?

  • A type of Foreign or International Trade (correct)
  • Export Trade
  • Foreign or International Trade
  • Entrepot Trade
  • Why are goods normally imported?

  • When the receiving country has the technology to manufacture the goods
  • When the manufacture of goods in one country is significantly lower than it would be in the receiving country (correct)
  • When the goods are not needed in the country of origin
  • When the demand for the goods is high in the receiving country
  • What is an example of a good that cannot be manufactured in a desired country?

  • Furniture
  • Electronics
  • Clothing
  • Crude oil (correct)
  • Who is known as the seller of the goods or service in export trade?

    <p>Exporter</p> Signup and view all the answers

    What is entrepot trade also known as?

    <p>Transshipment</p> Signup and view all the answers

    What is an example of entrepot trade?

    <p>Importing metal from India to Singapore, processing it, and then re-exporting it to China</p> Signup and view all the answers

    What is one reason for entrepot trade?

    <p>To access machinery and technology</p> Signup and view all the answers

    What is the benefit of entrepot trade in terms of international relations?

    <p>It helps to reinforce international relations</p> Signup and view all the answers

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