exam

Question 1

GDP

Answer 1

Gross Domestic Product

Question 2

measures the overall health of a nations economy by calculating now many product/services it makes each year

Answer 2

GDP

Question 3

GDP=

Answer 3

consumption + investment + government spending + (exports - imports)

Question 4

is an international transformation of commodities, inputs, and technology which promotes welfares in 2 days

Answer 4

foreign trade

Question 5

aims that the best products are produced and sold in competitive markets

Answer 5

international trade

Question 6

this theory stated that a countrys wealth was determined by gold and silver

Answer 6

mercantilism - 16th century

Question 7

theory that encouraged exports and discouraged imports

Answer 7

mercantilism

Question 8

a situation where the value of the exports are greater than the value of imports

Answer 8

trade surplus

Question 9

a situation where the value of the imports is greater than the value of exports

Answer 9

trade deficit

Question 10

GATT

Answer 10

general agreement of tariffs and trade

Question 11

a series of rules governing trade that were first created in 1947 by 23 countries

Answer 11

GATT

Question 12

basic principle of GATT

Answer 12

trade should be free and equal

Question 13

once a benefit was agreed on between 2 countries, it was automatically extended to all other member countries

Answer 13

most favored nation

Question 14

the end of the GATT and the creation of WTO

Answer 14

trade meetings

Question 15

it absorbed all of GATTs agreements

Answer 15

WTO

Question 16

its purpose is to serve as a negotiating forum for member nations to dispute, discuss and debate trade-related matters

Answer 16

WTO

Question 17

difference between GATT and WTO

Answer 17

GATT was a series of agreements and the WTO was designed to be an actual institution charged with the mission of promoting free and fair trade

Question 18

biggest change from GATT to WTO

Answer 18

the provision for the settlement of disputes

Question 19

2 key sectors in which the WTO faces challenges

Answer 19

agriculture and textiles

Question 20

a tax on imports and exports between countries

Answer 20

tariffs

Question 21

give a price advantage to locally produced goods over similar goods which are imported

Answer 21

tariffs

Question 22

levied as a fixed charge per unit or imports

Answer 22

specific tariffs

Question 23

levied as a fixed percentage of the value of the commodity imported

Answer 23

ad valorem tariff

Question 24

both specific and ad valorem tariff are levied on the same product simultaneously

Answer 24

two part tariffs

Question 25

are higher in developing countries and lower in developed countries

Answer 25

average tariffs

Question 26

has the authority and power to establish contributions to foreign trade in mexico

Answer 26

the federal congress

Question 27

foreign trade law

Answer 27

ley del comercio exterior

Question 28

customs law

Answer 28

ley aduanera

Question 29

general import and export tax law

Answer 29

ley de los impuestos generales de importacion y exportacion

Question 30

federal law of metrology and standardization

Answer 30

ley federal de metrologia y normalizacion

Question 31

laws are issued by

Answer 31

the federal order

Question 32

are the supreme law of the entire union

Answer 32

the constitution, laws and treaties

Question 33

international treaties in the mexican legal system

Answer 33

political constitution of mexico ley sobre la celebracion de tratados ley sobre la aprobacion de tratados internacionales en materia economica

Question 34

articulos 25, 26, 27 and 28

Answer 34

recognize the care of our financial guarantees

Question 35

Wihout the Congress consent, the states cannot establish tonnage duties or any port duties or taxes on importing or exports

Answer 35

118

Question 36

Only the Federal Government can tax imports and exports. The President can be empowered by the Congress to change tariffs

Answer 36

131

Question 37

``` The Constitution, laws derived from and enacted by the Congress, and all the treaties made by the President with the approval of the Senate, shall be the supreme law of the country ```

Answer 37

133

Question 38

regulates unfair foreign | trade practices, investigation procedures, safeguard measures and remedies

Answer 38

foreign trade law

Question 39

The application and interpretation of foreign trade law correspond to the

Answer 39

federal executive through the ministry of economy

Question 40

make tariff suggestions to the federal executive make non tariff regulations suggestions establish rules of origin provide solutions to the unfair competition practices in international trade

Answer 40

ministry of economy

Question 41

can determine preferences regarding tariffs, compensatory quotas, and other measures

Answer 41

origin of the goods

Question 42

Non-tariff regulations and | restriction measures could apply in

Answer 42

``` to ensure the supply of products for population consumption ● when international treaties apply ● to protect flora and fauna ```

Question 43

when there is a tariff depending on the amount of goods

Answer 43

tariff-quota

Question 44

are those related to price discrimination and subventions

Answer 44

unfair trade practices

Question 45

consist on the introduction of merchandise to the national territory at a lower price than its regular value

Answer 45

Price discrimination imports

Question 46

consist on the introduction of merchandise to the national territory at a lower price than its regular value

Answer 46

Price discrimination imports

Question 47

The importer must prove the --------, under the considerations established in the regulations applicable. The Ministry of Finance and Public Credit (Hacienda) shall be responsible for monitoring and verifying compliance

Answer 47

origin of the goods

Question 48

any financial contribution that a foreign government gives to a company for a granted advantage

Answer 48

subventions

Question 49

``` The objective of this law is the regulation of the entrance and exit of goods to national territory, as well as the transportation, customs clearance and any derived fact ```

Answer 49

customs law

Question 50

regulate goods that entry into national territory and exit from it.

Answer 50

customs law and general tax on import and export

Question 51

Those who introduce goods into national territory must provide to customs authorities, through the electronic system, a petition with information regarding the goods, required by SAT. Electronic Signature required.

Answer 51

commercial Invoice - Bill of Lading - Non-tariff regulations compliance - Origin of goods - Guarantee of Customs Account - Weight or volume certificate

Question 52

Tariffs will be charged | according to

Answer 52

the corresponding law for | imports and exports.

Question 53

Those who import or export should:

Answer 53

-Have inventory control in an automated way - Provide the information to check the country of origin of the goods -Provide customs the documents of value of the goods -Be part of the List of Importers of Specific Sectors by SAT

Question 54

The taxable base of the | general import tax is

Answer 54

the customs value of goods

Question 55

When the taxable base can’t be measured by the value of the goods, then the next methods would be applied

Answer 55

Transaction value of identical goods - Transaction value of similar goods - Determined unit sales price value - Constructed value of imported goods - Determined value

Question 56

is the commercial value of the goods according to the digital tax receipt

Answer 56

The tax base of the general | export tax

Question 57

Foreign goods should count with the

Answer 57

Customs documents proving legal status

Question 58

can: Establish or remove border customs Suspend customs offices services Authorize or eliminate border regions

Answer 58

customs authorities

Question 59

will elaborate an act to recognize goods

Answer 59

customs authorities

Question 60

sources of international trade law in the united states

Answer 60

constitutional law federal law international law

Question 61

the congress in USA can

Answer 61

to regulate commerce with foreign nations ● to lay, collect taxes, duties, imposts, and excises ● prohibit states for doing the same without congressional approval

Question 62

US department of commerce

Answer 62

International Trade Administration

Question 63

customs system include

Answer 63

customs service and public customs auxiliaries

Question 64

This is the most basic form of economic cooperation

Answer 64

free trade area

Question 65

This type provides for economic cooperation as in a free-trade zone.

Answer 65

customs union

Question 66

has enabled countries to focus on issues that are relevant to their stage of development as well as encourage trade between neighbors.

Answer 66

regional economic integration

Question 67

This type allows for the creation of economically integrated markets between member countries.

Answer 67

common market

Question 68

This type is created when countries enter into an economic agreement to remove barriers to trade and adopt common economic policies. An example is the European Union (EU)

Answer 68

economic union

Question 69

These agreements create more opportunities for countries to trade with one another by removing the barriers to trade and investment

Answer 69

trade creation

Question 70

advantages of regional economic integration

Answer 70

trade creation employment opportunities cinsensus and cooperation

Question 71

disadvantages of regional economic integration

Answer 71

trade diversion employment shifts and reductions loss of national sovereignity

Question 72

the theory was focused on the ability of a country to produce a good more efficiently than other nation

Answer 72

absolute advantage

Question 73

if we want to export we need

Answer 73

origin of the goods q nos da secretaria de economía

Question 74

quien se encarga de foreign trade law

Answer 74

secretaria de economía

Question 75

quien se encarga de customs law

Answer 75

SAT secretaría de hacienda

Question 76

q hace el SAT

Answer 76

collecting taxes and checking documents of merchandise that enters in the county

Question 77

son cosas diferentes

Answer 77

reglas de origen y certificado de origen

Question 78

works in hand with all of the industries in the country

Answer 78

secretaria de economía