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International trade quiz

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Do you Know the Answers?     Original Definitions          Quotations

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Do you know the answers? *

Posted May 2012

Q1.  Which country on the eastern coast of South America, between Brazil and Argentina was first colonized by the Spanish in 1516?

Q2.  What is the only Central American country with English as its official language?

Q3.  In a survey taken in June 2011 which EU member state was said to have the least positive view of being in the EU?

Q4.  In Australia, New Zealand and South Africa, the term "manchester" is still used for which type of household items after the city in England from which they used to receive the most imports?

Q5.  Liverpool airport is named after which famous person?

Q6.  On average what percentage of food we eat is grown in the country in which we live?  Is it 50% - 70% - 85%/ or - 95%?

Q7.  In 2011 the OECD coined the term BRIICS – what are the two extra countries represented by the additional “I” and “S” alongside the normal Brazil, Russia, India and China?

Q8.  50 years ago Korea was poorer than Sudan – what was its main export product then? Shoes -  Wigs - Soy Beans or - Umbrellas?

Q9.  Services – according to an Economist article – are “things you can’t drop on your foot, from hairdressing to websites” – account for what proportion of exports in the OECD countries?

 Answers  

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Original Definitions

Demurrage - a storage charge levied on goods awaiting customs clearance now but the word comes from a French medieval tax due if goods were held outside the city wall, near the gate, prior to Market day.

Europe named for Europa, daughter of the Phoenician king Agenor, whom Zeus (in the guise of a white bull) kidnapped and carried off to Crete

Excise   From a C15th Dutch word meaning tax which derived via Old French acceis from Vulgar Latin accensum, a compound word formed from the Latin prefix ad = against/ to – and census = tax.  By 1643 it was being used for a very specific tax on certain imported and domestically produced goods, ie luxuries.  From C19th the words customs duty applied to imports so excise was reserved for tax on domestic sales of certain goods.  1755 in Dr Johnson’s “Dictionary” he defined excise as “a hateful tax levied upon commodities, and ajudged not by the common judges of property, but by wretches hired by those to whome excise is paid”.  In EU excise duties are collected on the sale of tobacco, alcohol and hydrocarbon oils.

Customs - "Customs", as a word, originally comes from the Latin consuescere, a compound verb formed from the prefix com- and suescere meaning "become accustomed". This passed into early Old French as costudne which developed via costumne to custome.

Tariff - The word tariff appears to have originated from the Arabic ta?rifah, derivative of ?arrafa "to make known". Around 1591/2, via the Latinised tariffa or "arithmetical table" or "list of prices", it came to mean "an official list of customs duties on imports or exports".

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Quotations

No nation was every ruined by trade - Benjamin Franklin

A single conversation across the table with a wise man is worth a month's study of books - Chinese Proverb

He who asks the question is a fool for a minute, he who does not is a fool forever - Chinese proverb

No one can teach you that which they have not done. Beware of who you choose to learn from. Tom Hopkins

Be careful, in business it is very easy to change things or not keep up to date so a COMPLIANT company can end up with a COMPLAINT - S&HLLP

Great minds discuss ideas; average minds discuss events; small minds discuss people  - Eleanor Roosevelt

It is the mark of an educated mind to be able to entertain a thought without accepting it  - Aristotle

There are decades when nothing happens; and there are weeks when decades happen - Vladimir Putin

Opportunity is missed by most people because it is dressed in overalls and looks like work - Thomas Edison

It is not once nor twice but times without number that the same ideas make their appearance in the world -Aristotle

Gold Rush Paradigm: Instead of diving into competitive industry, it's better to sell products to those doing the diving

Don't waste time learning the tricks of the trade - instead, learn the trade

Books serve to show a man that those original thoughts of his aren't very new at all. Abraham Lincoln

I am for free commerce with all nations: politcal connection with none; and little or no diplomatic establishments  George Washington

Don't waste time learning the "tricks of the trade" Instead, learn the trade

 Don't waste time learning the "tricks of the trade" Instead, learn the trade  ??

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* The Answers

Posted May 2012                              return to questions

A1.  Uruguay

A2.  Belize

A3.  UK – only 19% said they thought being in the EU was good

A4.  Linen, ie sheets, pillowcases, towels, etc

A5.  John Lennon

A6.  Correct answer 95% due to farmer and difficulty in bulk shipping of food (source OECD 2012)

A7.  Indonesia and South Africa

A8.  Wigs

A9.  22%

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