Exam 9: The World Trade Organization: Basic Legal Principles

Tariffs are computed: I.As a percentage of value (ad valorem). II.On the basis of physical units (specific).

What are the similarities and differences between the GATT and WTO dispute resolution procedures?

An embargo only applies to imports from Cuba,Sudan,North Korea,and Egypt.

Under normal trade relations,when a nation extends some privilege or right to one of its trading partners,that privilege automatically becomes applicable to all other trading partners.

The 1947 GATT provided a regulations for the registration of patents and copyrights and stiff penalties for the misuse of intellectual property.

Under the MFN rates the United States can grant lower tariff rates to a less developed country in order to stimulate economic growth?

The GATT 1994 established rules for regulating trade in goods and services and creation of the WTO.

Compare and contrast unconditional and conditional MFN trade.

Compare and contrast direct and indirect nontariff barriers.

According to GATT,quotas are considered acceptable devises for regulating trade only where:

Which of the following is NOT an example of a commonly used trade barrier?

Tariffs serve all of the following purposes except:

WTO DSU reports carry precedential value for future panels by providing definitive interpretations of GATT provisions.

Draft a document advocating for the elimination of normal trade relations status against countries involved in human rights abuses.

_________ quotas are imposed on a particular product regardless of origin,while ________ quotas spread the total limit across several specific countries.

China's manipulation of the yuan to remain undervalued compared to the U.S.Dollar is a price mechanism to enhance the value to Chinese goods.

When a nation that belongs to WTO imposes a tariff or quota on imported products,it is supposed to do so within the guidelines established by GATT.If it does not do so within GATT's guidelines:

Each nation has the right to impose import schemes and customs procedures as a means to protect its citizen's public health,safety,and morals.

In the decision involving tariffs on Latin American bananas,the panel:

Virtually all nations provide import protection for domestic agricultural interests: I.And the GATT Agreement specifically prohibits such protection with no exceptions. II.And this problem exists because nations try to provide market stability and protection for farmers.