{"id":54906,"date":"2024-04-16T00:18:16","date_gmt":"2024-04-16T00:18:16","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=54906"},"modified":"2024-04-16T00:18:16","modified_gmt":"2024-04-16T00:18:16","slug":"guarantee-to-an-exporter-that-the-importer-of-his-goods-will-pay-immediately-for-the-goods-ordered-by-him-is-known-as","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/guarantee-to-an-exporter-that-the-importer-of-his-goods-will-pay-immediately-for-the-goods-ordered-by-him-is-known-as\/","title":{"rendered":"Guarantee to an exporter that the importer of his goods will pay immediately for the goods ordered by him, is known as"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Letter of Credit (L\/C)&#8221; option2=&#8221;inflation&#8221; option3=&#8221;laissezfaire&#8221; option4=&#8221;None of the above&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: A. Letter of Credit (L\/C)<\/p>\n<p>A letter of credit (L\/C) is a document issued by a bank at the request of a buyer (the applicant) that assures the seller (the beneficiary) of payment upon the fulfillment of certain conditions. The L\/C is a binding contract between the bank and the buyer, and the bank is obligated to pay the seller even if the buyer defaults on the purchase.<\/p>\n<p>L\/Cs are used in international trade to reduce the risk of non-payment. They are also used in domestic trade, especially for large or complex transactions.<\/p>\n<p>Here are brief explanations of the other options:<\/p>\n<ul>\n<li>Inflation is a general increase in prices and a decrease in the purchasing value of money.<\/li>\n<li>Laissez-faire is an economic theory that advocates for minimal government intervention in the economy.<\/li>\n<li>None of the above is a correct answer to the question.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Letter of Credit (L\/C)&#8221; option2=&#8221;inflation&#8221; option3=&#8221;laissezfaire&#8221; option4=&#8221;None of the above&#8221; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[957],"tags":[],"class_list":["post-54906","post","type-post","status-publish","format-standard","hentry","category-basic-general-knowledge","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Guarantee to an exporter that the importer of his goods will pay immediately for the goods ordered by him, is known as<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/guarantee-to-an-exporter-that-the-importer-of-his-goods-will-pay-immediately-for-the-goods-ordered-by-him-is-known-as\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Guarantee to an exporter that the importer of his goods will pay immediately for the goods ordered by him, is known as\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Letter of Credit (L\/C)&#8221; 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