Question 1

Explain the similarities and differences between "like products" and "directly competitive products."

Accepted Answer

"Like products" and "directly competitiv

Question 2

In the dispute regarding the European Union's importation of Latin American bananas,the dispute panel found no disparity in tariffs on the European Union's part.

Accepted Answer

A) True 
 B)False

Question 3

For the most part,trade in textiles and services are not regulated by the GATT system.

Accepted Answer

A) True 
 B)False

Question 4

Nontariff barriers are the least obstructive obstacles to importation as compared to tariffs.

Accepted Answer

A) True 
 B)False

Question 5

Describe the benefits and detriments of enacting a quota?

Accepted Answer

Enacting a quota system can have both be

Question 6

Many countries grant preferential tariff treatment to select countries to help those countries' economic development.For example,the United States grants preferential tariff treatment to:

Accepted Answer

A)  Haiti and many sub-Saharan African nations. 
B)  the EU. 
C)  China. 
D)  all Asian nations. 
A)  Haiti and many sub-Saharan African nations. 
B)  the EU. 
C)  China. 
D)  all Asian nations.

Question 7

Under GATT,charges may be imposed upon the movement of imported goods,such as port fees and inspection fees.

Accepted Answer

A) True 
 B)False

Question 8

Assess the relative value of a reported U.S.appellate (or trial)decision and a WTO panel report in a trade dispute.

Accepted Answer

When assessing the relative value of a r

Question 9

The phrase to describe when a foreign government's import regulations are not made readily available to the public or are hidden or disguised in bureaucratic rules or practices is:

Accepted Answer

A)  not transparent. 
B)  unfair trade practices. 
C)  bureaucratic procrastination. 
D)  limited access. 
A)  not transparent. 
B)  unfair trade practices. 
C)  bureaucratic procrastination. 
D)  limited access.

Question 10

Quotas serve to increase the amount of imports of a product.

Accepted Answer

A) True 
 B)False

Question 11

Although the 1947 GATT was never ratified by the U.S.Congress,the United Nations assembly voted that GATT would be imposed on all of the nation members.

Accepted Answer

A) True 
 B)False

Question 12

Within the structure of the World Trade Organization,the three important groups under the Ministerial Conference are:

Accepted Answer

A)  the General Council, the Secretariat, and the Trade Policy Review Body. 
B)  the Committee on Budget, the General Council, and Trade Policy Review Body. 
C)  the Dispute Settlement Body, the General Council, and the International Court of Justice. 
D)  the Dispute Settlement Body, the General Council, and the Trade Policy Review Body. 
A)  the General Council, the Secretariat, and the Trade Policy Review Body. 
B)  the Committee on Budget, the General Council, and Trade Policy Review Body. 
C)  the Dispute Settlement Body, the General Council, and the International Court of Justice. 
D)  the Dispute Settlement Body, the General Council, and the Trade Policy Review Body.

Question 13

Which of the following is an example of a specific or flat tariff?

Accepted Answer

A)  A 15% tariff on the value of a shipment of t-shirts 
B)  A $10 tariff on each barrel of petroleum 
C)  A 20% discount on the value of peaches delivered in October, November, or December 
D)  None of these are correct 
A)  A 15% tariff on the value of a shipment of t-shirts 
B)  A $10 tariff on each barrel of petroleum 
C)  A 20% discount on the value of peaches delivered in October, November, or December 
D)  None of these are correct

Question 14

A tariff is:

Accepted Answer

A)  an import duty. 
B)  a tax levied on goods being brought into a country. 
C)  a ban on trade with a foreign nation. 
D)  both an import duty and a tax levied on goods being brought into a country. 
A)  an import duty. 
B)  a tax levied on goods being brought into a country. 
C)  a ban on trade with a foreign nation. 
D)  both an import duty and a tax levied on goods being brought into a country.

Question 15

The WTO is overseen by the Ministerial Conference,which is made up of:

Accepted Answer

A)  the presidents, prime ministers, and royalty from all WTO member nations. 
B)  high-ranking representatives from all WTO member nations. 
C)  high-ranking representatives from a select group of wealthy WTO member nations. 
D)  five representatives from each of the WTO member nations. 
A)  the presidents, prime ministers, and royalty from all WTO member nations. 
B)  high-ranking representatives from all WTO member nations. 
C)  high-ranking representatives from a select group of wealthy WTO member nations. 
D)  five representatives from each of the WTO member nations.

Question 16

One of the primary objectives of GATT is the elimination of all quotas and quantitative restraints.

Accepted Answer

A) True 
 B)False

Question 17

Under the WTO's dispute-settlement procedures,who can bring a complaint for nullification and impairment?

Accepted Answer

A)  A corporation 
B)  A group of corporations within an industry 
C)  A government 
D)  All of these are correct 
A)  A corporation 
B)  A group of corporations within an industry 
C)  A government 
D)  All of these are correct

Question 18

Tariffication is the process in which quotes,licensing schemes,and other nontariff barriers to trade are "converted" to tariffs.

Accepted Answer

A) True 
 B)False

Question 19

Tariff concessions under GATT are recorded in tariff schedules,which are detailed product-by-product listings of all tariff obligations for that nation.

Accepted Answer

A) True 
 B)False

Question 20

The term used to describe some action taken by a GATT member country in violation of the GATT agreement is:

Accepted Answer

A)  null and void. 
B)  unfair and inequitable. 
C)  persona non grata. 
D)  nullification and impairment. 
A)  null and void. 
B)  unfair and inequitable. 
C)  persona non grata. 
D)  nullification and impairment.

Exam 9: The World Trade Organization: Basic Legal Principles

Explain the similarities and differences between "like products" and "directly competitive products."

In the dispute regarding the European Union's importation of Latin American bananas,the dispute panel found no disparity in tariffs on the European Union's part.

For the most part,trade in textiles and services are not regulated by the GATT system.

Nontariff barriers are the least obstructive obstacles to importation as compared to tariffs.

Describe the benefits and detriments of enacting a quota?

Many countries grant preferential tariff treatment to select countries to help those countries' economic development.For example,the United States grants preferential tariff treatment to:

Under GATT,charges may be imposed upon the movement of imported goods,such as port fees and inspection fees.

Assess the relative value of a reported U.S.appellate (or trial)decision and a WTO panel report in a trade dispute.

The phrase to describe when a foreign government's import regulations are not made readily available to the public or are hidden or disguised in bureaucratic rules or practices is:

Quotas serve to increase the amount of imports of a product.

Although the 1947 GATT was never ratified by the U.S.Congress,the United Nations assembly voted that GATT would be imposed on all of the nation members.

Within the structure of the World Trade Organization,the three important groups under the Ministerial Conference are:

Which of the following is an example of a specific or flat tariff?

A tariff is:

The WTO is overseen by the Ministerial Conference,which is made up of:

One of the primary objectives of GATT is the elimination of all quotas and quantitative restraints.

Under the WTO's dispute-settlement procedures,who can bring a complaint for nullification and impairment?

Tariffication is the process in which quotes,licensing schemes,and other nontariff barriers to trade are "converted" to tariffs.

Tariff concessions under GATT are recorded in tariff schedules,which are detailed product-by-product listings of all tariff obligations for that nation.

The term used to describe some action taken by a GATT member country in violation of the GATT agreement is:

Introduction to International Business

International Law and the World's Legal Systems

Resolving International Commercial Disputes

The Formation and Performance of Contracts for the Sale of Goods

The Documentary Sale and Terms of Trade

Legal Issues in International Transportation

Bank Collections and Letters of Credit

National Lawmaking Powers and the Regulation of U.S.Trade

Laws Governing Access to Foreign Markets

Regulating Import Competition and Unfair Trade

Imports,Customs,and Tariff Law

Export Controls and Sanctions

North American Free Trade Law

The European Union

Marketing: Representatives,Advertising,and Anti-Corruption

Protection and Licensing of Intellectual Property

The Legal Environment of Foreign Direct Investment

Labor and Employment Discrimination Law

Environmental Law

Regulating the Competitive Environment

Filters