Question: 1. What are the differences between payment in advance and open account in an international transaction? (Explain the advantages and disadvantages from the perspective of

1. What are the differences between payment in advance and open account in an international transaction? (Explain the advantages and disadvantages from the perspective of importer and exporter)

2. Explain what is "the letter of credit", give an example of when to use the letter of credit.

3. What is countertrade? Give the example

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