Question$-1$:

The Bull$-$Whip effect in the Steamship industry causes which of the following effects?

Alternating years of big profits and big losses by steamship companies

Service to be very poor when rates are at their highest

Service to be very good when rates are at their highest

Carriers continue to reduce capacity even while customer demand is rising

Carriers continue to add capacity while customer demand is falling

Question$-2$:

Customs agents are on the lookout for situations where the value of the transaction $($invoice value$)$ may not represent the true value of goods being imported. Identify the $3$ situations most likely to be scrutinized by customs:

The buyer and seller are both located in the same city

The buyer and seller are competitors

The buyer and seller are part of the same industrial conglomerate

The seller is normally a customer of the buyer

The seller is an unlisted private company

The seller is a subsidiary of the buyer

The buyer and seller are both foreign corporations

The seller and the buyer have the same parent company