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  • If a country incurs a deficit in its balance of payments, it is said to be a ______________ because it has spent more than it has earned. #151
  • Protectionism refers to government policies that ____________ international trade to help domestic industries. #152
  • A tariff is a _________ or import duty on goods or services. #153
  • Members agree to reduce or abolish trade barriers such as tariffs and quotas between themselves but retain their own individual tariffs and quotas against non-members. Such an area is called: #154
  • The endogenous economic growth models was devised by #155
  • The L/C which can be cancelled or amended by either party is called: #156
  • The primary function for this document is as a form of quotation and it is intended to demonstrate what the final invoice will look like should the order be placed. #157
  • The seller is responsible for the goods until they ‘have passed the ship’s rail at the named port of shipment’. #158
  • A liners are the _____________ of the shipping world #159
  • ______________ operations are an area of rapid development, specializing in relatively small consignments, up to 40 Kilos, and use large networks of vehicles and aircraft to guarantee deliveries within specified time limits. #160
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