How do importers protect themselves against improper delivery of goods when they are required to make payment as they place an order?
Answer to relevant QuestionsDescribe the process by which an importing firm may substitute the credit of its bank for its own credit in financing international transactions. Commercial letters of credit, traveler’s letters of credit, and traveler’s checks all play an important role in international finance. Distinguish among these three types of instruments. As an importer of merchandise, you depend upon the sale of the merchandise for funds to make payment. Although customary terms of sale are 90 days for this type of merchandise, you are not well known to foreign suppliers ...A few years ago the U.S. dollar equivalent of a foreign currency was $1.2167. Today, the U.S. dollar equivalent of a foreign currency is $1.3310. Using the indirect quotation method, determine the currency per U.S. dollar ... Describe the major components of gross domestic product (GDP).
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