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comercio > exam > Flashcards

exam Flashcards

1
Q

GDP

A

Gross Domestic Product

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2
Q

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

A

GDP

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3
Q

GDP=

A

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

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4
Q

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

A

foreign trade

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5
Q

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

A

international trade

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6
Q

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

A

mercantilism - 16th century

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7
Q

theory that encouraged exports and discouraged imports

A

mercantilism

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8
Q

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

A

trade surplus

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9
Q

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

A

trade deficit

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10
Q

GATT

A

general agreement of tariffs and trade

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11
Q

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

A

GATT

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12
Q

basic principle of GATT

A

trade should be free and equal

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13
Q

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

A

most favored nation

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14
Q

the end of the GATT and the creation of WTO

A

trade meetings

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15
Q

it absorbed all of GATTs agreements

A

WTO

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16
Q

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

A

WTO

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17
Q

difference between GATT and WTO

A

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

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18
Q

biggest change from GATT to WTO

A

the provision for the settlement of disputes

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19
Q

2 key sectors in which the WTO faces challenges

A

agriculture and textiles

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20
Q

a tax on imports and exports between countries

A

tariffs

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21
Q

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

A

tariffs

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22
Q

levied as a fixed charge per unit or imports

A

specific tariffs

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23
Q

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

A

ad valorem tariff

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24
Q

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

A

two part tariffs

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25
Q

are higher in developing countries and lower in developed countries

A

average tariffs

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26
Q

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

A

the federal congress

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27
Q

foreign trade law

A

ley del comercio exterior

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28
Q

customs law

A

ley aduanera

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29
Q

general import and export tax law

A

ley de los impuestos generales de importacion y exportacion

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30
Q

federal law of metrology and standardization

A

ley federal de metrologia y normalizacion

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31
Q

laws are issued by

A

the federal order

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32
Q

are the supreme law of the entire union

A

the constitution, laws and treaties

33
Q

international treaties in the mexican legal system

A

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

34
Q

articulos 25, 26, 27 and 28

A

recognize the care of our financial guarantees

35
Q

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

A

118

36
Q

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

A

131

37
Q 
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
A

133

38
Q

regulates unfair foreign

trade practices, investigation procedures, safeguard measures and remedies

A

foreign trade law

39
Q

The application and interpretation of foreign trade law correspond to the

A

federal executive through the ministry of economy

40
Q

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

A

ministry of economy

41
Q

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

A

origin of the goods

42
Q

Non-tariff regulations and

restriction measures could apply in

A 
to ensure the supply of 
products for population 
consumption 
● when international treaties 
apply
● to protect flora and fauna
43
Q

when there
is a tariff depending on
the amount of goods

A

tariff-quota

44
Q

are
those related to price
discrimination and
subventions

A

unfair trade practices

45
Q

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

A

Price discrimination imports

46
Q

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

A

Price discrimination imports

47
Q

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

A

origin of the goods

48
Q

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

A

subventions

49
Q 
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
A

customs law

50
Q

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

A

customs law and general tax on import and export

51
Q

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.

A

commercial Invoice

  • Bill of Lading
  • Non-tariff regulations compliance
  • Origin of goods
  • Guarantee of Customs Account
  • Weight or volume certificate
52
Q

Tariffs will be charged

according to

A

the corresponding law for

imports and exports.

53
Q

Those who import or export should:

A

-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

54
Q

The taxable base of the

general import tax is

A

the customs value of goods

55
Q

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

A

Transaction value of identical goods

  • Transaction value of similar goods
  • Determined unit sales price value
  • Constructed value of imported goods
  • Determined value
56
Q

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

A

The tax base of the general

export tax

57
Q

Foreign goods should count with the

A

Customs documents proving legal status

58
Q

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

A

customs authorities

59
Q

will elaborate an act to recognize goods

A

customs authorities

60
Q

sources of international trade law in the united states

A

constitutional law
federal law
international law

61
Q

the congress in USA can

A

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

62
Q

US department of commerce

A

International Trade Administration

63
Q

customs system include

A

customs service and public customs auxiliaries

64
Q

This is the most basic form of economic cooperation

A

free trade area

65
Q

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

A

customs union

66
Q

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

A

regional economic integration

67
Q

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

A

common market

68
Q

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)

A

economic union

69
Q

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

A

trade creation

70
Q

advantages of regional economic integration

A

trade creation
employment opportunities
cinsensus and cooperation

71
Q

disadvantages of regional economic integration

A

trade diversion
employment shifts and reductions
loss of national sovereignity

72
Q

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

A

absolute advantage

73
Q

if we want to export we need

A

origin of the goods q nos da secretaria de economía

74
Q

quien se encarga de foreign trade law

A

secretaria de economía

75
Q

quien se encarga de customs law

A

SAT secretaría de hacienda

76
Q

q hace el SAT

A

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

77
Q

son cosas diferentes

A

reglas de origen y certificado de origen

78
Q

works in hand with all of the industries in the country

A

secretaria de economía

comercio (6 decks)

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