Question: 1. Highlight, with examples, the difference between the Customs Union and Economic Union. 2. What is countertrade? Explain how switch trading works. 3. Making or

1. Highlight, with examples, the difference between the Customs Union and Economic Union.

2. What is countertrade? Explain how switch trading works.

3. Making or buying decisions are of great strategic importance to firms in international trade. What are the advantages and disadvantages of such decisions?

4. What are Incoterms? Why do businesses use Incoterms? Highlight the differences in 2 categories of Incoterms 2010.

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