International Auction

According to Commercial Law 2005, Art. 185, auction of goods is a commercial activity where sellers conduct _____ sale of goods.

• private

• silent

• public

• closed

In international auction, sellers and buyers are from _____.

• the same market

• different customs areas

• the same customs zones

• one country

In international auction, products must move _____.

• across border

• within the city

• inside customs warehouse

• between buyers

The role of _____ is central in auction transactions.

• location

• goods origin

• price

• customs

One feature of auction is that it is organized _____ at a definite time and place.

• secretly

• publicly

• arbitrarily

• randomly

In auctions, buyers are allowed to check goods and _____ to compete.

• prohibited

• selected

• free

• banned

Goods auctioned are usually of great value and _____.

• easily standardized

• rare

• low demand

• perishable

Which of the following is NOT true about auction goods?

• Difficult to standardize

• Often precious

• Frequently damaged

• Of great value

In auctions, the _____ dominates the transaction.

• buyer

• seller

• customs officer

• auctioneer

Who can organize auctions?

• Only the seller

• Only the government

• The seller or a mandated trader

• The buyer