International Trade and Geography

Question 1

What is the purpose of the Combined Nomenclature (CN) in the EU?

Accepted Answer

To classify goods for customs

Question 2

Import duty is a tax on goods purchased from outside the EU

Accepted Answer

true

Question 3

What is the main benefit of using a single market in the EU?

Accepted Answer

No customs checks between member countries

Question 4

Which country has a preferential trade agreement with the EU, reducing or eliminating import duties?

Accepted Answer

Albania

Question 5

Lithuanian capiltal

Accepted Answer

Vilnius

Question 6

Is the EU a common market or a customs union?

Accepted Answer

Both

Question 7

Which country borders the Adriatic Sea?

Accepted Answer

Albania

Question 8

Which document proves that goods qualify for preferential duty treatment from Albania to the EU?e

Accepted Answer

EUR1 Certificate

Question 9

If goods are imported from outside the EU without an agreement, what usually applies?

Accepted Answer

Import duty and VAT

Question 10

What is Import Duty?

Accepted Answer

A tax on goods imported into a country

Question 11

Lithuania has border with Baltic sea

Accepted Answer

True

Question 12

What is the difference between the standard VAT rates in Albania and Lithuania?

Accepted Answer

1 %

Question 13

Which of the following is NOT part of the EU Single Market principles?

Accepted Answer

Fixed exchange rates

Question 14

What is "Customs Value"

Accepted Answer

The total value of goods including purchase price, shipping, and insurance

Question 15

Which color is found in both the Albanian and Lithuanian national flags?

Accepted Answer

Red

Question 16

What is the most popular sport in Lithuania?

Accepted Answer

Basketball

Question 17

What is the main goal of the EU Single Market?

Accepted Answer

To allow free movement of goods, services, people, and capital

Question 18

If goods enter the EU from Albania with a valid EUR.1 certificate, what happens?

Accepted Answer

They may enter duty-free

Question 19

Which of these goods would most likely be subject to import duty in the EU?

Accepted Answer

Shoes imported from China

Questions 19