58. Through its _____ program, the Small Business Administration oversees almost 11,500
volunteers with international trade experience to provide one-on-one counseling to active and
new-to-export businesses.
59. The _____ refers to a nationwide group of international trade attorneys who provide free
initial consultations to small businesses on export-related matters.
60. A(n) _____ refers to an export specialist that acts as an export marketing department for
client firms.
61. Which of the following is a function of an export management company?
62. Which of the following is true of an export management company (EMC)?
63. Which of the following is a drawback of relying on an export management company
(EMC)?
64. A firm that enters many markets at once:
65. Which of the following is a strategic step taken to increase a firm’s probability of
exporting successfully?
66. Firms engaged in international trade deal with people they may have never seen, who live
in different countries, who speak different languages, and who abide by different legal systems.
These factors result in:
67. In international trade, an exporter wants to be paid before a consignment is shipped.
Correspondingly, the importer wants to pay only upon receipt of the consignment. These
conflicting preferences of the parties are a manifestation of _____.
68. A lack of trust between two parties engaged in international trade is exacerbated by the:
69. In terms of using a third party in international trade, title to the products is given to a
bank by the exporter in the form of a document known as a _____.
70. Which of the following stands at the center of international commercial transactions and
is issued by a bank at the request of an importer?
71. A _____ is issued by a bank, and it indicates that the bank will make payments under
specific circumstances.
72. Which of the following is true of a letter of credit?
73. Which of the following is true of a letter of credit in international trade?
74. Which of the following is an advantage of having a letter of credit?
75. Which of the following is an advantage of a letter of credit for an importer?
76. For an importer, which of the following is a disadvantage of using a letter of credit for
international transactions?
77. A letter of credit reduces an importer’s ability to borrow funds for other purposes
because: