1.  The fundamental activities of commercial banks do not include:

• keeping accounts and accepting deposits in local and foreign currency
• selling loans
• trading securities
• issuing currency in circulation

2.  The air waybill is a certificate of:

• an entrance into a contract for lease of means of transport in aviation
• a receipt of goods in air transport
• an entrance into a charter contract of carriage
• an entrance into a contract for operation of a vehicle in aviation

3.  FIATA stands for:

• The International Federation of Freight Forwarders Associations
• the DG of the European Commission involved in the management of unitary transport
• The International Air Transport Association
• an interbank system of electronic communication

4.  The    marking declares that:

• if the product used incorrectly, may cause large-scale damage
• the product was manufactured for the European market
• the liability for any damage caused by the product is borne by the manufacturer
• the product has undergone a conformity-assessment procedure and complies with the technical European Directives

5.  When the exchange rate of a country is lowered to help foreign trade we say the currency has been:

• politically adjusted
• devalued
• revalued
• realigned

6.  North American Free Trade Agreement (NAFTA) is an example of a(n)

• Economic Union
• Customs Union
• Common Market
• Free Trade Area

7.  Which of the following requirements are among the so-called Maastricht convergence criteria?

• balanced BOP (the trade deficit is not exceeding 3% of GDP)
• the state budget deficit must not exceed 5% of GDP
• the ratio of foreign debt relative to GDP must not exceed 70% of GDP
• the ratio of government debt relative to GDP must not exceed 60%

8.  What is the underlying characteristic of the World Trade Organisation (WTO)?

• It deals with the global rules of trade between countries.
• It facilitates economic co-operation between countries.
• It resolves disputes between economic trade blocks.
• It facilitates the development of less developed countries.

9.  Let us assume that the world is composed of only two countries functioning under the traditional Ricardian trade model, while labour productivity in both countries is described in the following table. Which of the following statements is correct, if the final international price stabilizes at 45 mice per 1 PC?

	Number of PCs per standard unit of labour	Number of computer mice per standard unit of labour
The Czech Republic	4	200
Spain	6	240

• the production of computer mice in the Czech Republic will expand and the production of PCs will cease to exist. Both countries will benefit from the trade liberalization
• if there is a complete specialization, the production of computer mice in the Czech Republic will cease to exist. Spain will benefit from the trade and the Czech Republic will suffer a loss
• the structure of production will not change after the trade liberalization, only the structure of consumption. The trade liberalization will have no impact on prosperity of both economies
• the production of PCs in the Czech Republic will expand and the production of computer mice will cease to exist. The Czech Republic will benefit from the trade and Spain will suffer a loss

10.  Let us assume the imitation lag hypothesis, and a new product is developed in country A in June. The demand for this product arises in country B in November however country B is able to produce this product only in February the following year. Indicate the correct answer.

• the imitation lag spans from June to November
• the demand lag is between November and February the following year
• the imitation lag spans between June and February the following year
• country A is an exporter of this product to country B between June and November

11.  Which of the following payment terms provides the seller with the greatest degree of protection?

• to a payment in advance
• to documents against acceptance, B/E payable 60 days after sight
• to an irrevocable documentary letter of credit
• to documents against payment

12.  Let us assume that you know the following information about a certain country’s balance of payments: current account balance = -90, capital account = 10, errors and omissions = 0, change in official reserves = -40. What can you say about the financial account?

• the balance of the financial account is + 120
• the country is a net exporter of capital
• the balance of the financial account is - 130
• the balance of the financial account is + 40

13.  Which bank instrument is the most expensive one?

• a wire transfer
• an advised letter of credit
• a confirmed letter of credit
• a documentary collection

14.  Which of the following labels is necessary for customs purposes?

• Made in...
• CE
• ISO
• AAA

15.  Delcredere is

• a type of a bank guarantee
• a special commission for a sales representative
• a shipping document
• a licensing fee

16.  What does not belong among the major functions of logistics?

• payment for goods
• storage of goods
• inventory management
• transportation of goods

17.  The minimum obligations of the seller in Incoterms 2010 are set by the delivery condition of:

• FOB
• CIV
• DAP
• EXW

18.  Positioning is defined as:

• an evaluation of economic level of a country in international comparison
• a strategic position of a shareholder on the stock exchange
• a picture in the mind of a customer connected with a certain brand
• a place where goods is stored during transport

19.  Charter Party may have the following form according to the law:

• a contract to rent a vehicle
• a contract of carriage
• a shipping contract
• a contract of mandate

20.  Bill of exchange is invalid, when:

• the date of payment is not specified
• the price stated in numbers does not match with the one stated in words
• it is not written entirely in one language
• it does not mention the place of its issue

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