Question 1

The United States is not a signatory to the Central America Free Trade Agreement (CAFTA).

Accepted Answer

A) True 
 B)False

Question 2

Members of the World Trade Organization "panel" are professional business executives from member nations.

Accepted Answer

A) True 
 B)False

Question 3

The Secretary General of the United Nations is elected by the Security Council,and the election must be ratified by the General Assembly.

Accepted Answer

A) True 
 B)False

Question 4

The International Monetary Fund is part of the United Nations.

Accepted Answer

A) True 
 B)False

Question 5

The three nations that signed the North American Free Trade Agreement were the United States,Mexico,and Quebec.

Accepted Answer

A) True 
 B)False

Question 6

What are some of the issues and reasons that have kept an international uniform code of legal principles from being established?

Accepted Answer

Politically and economically,nations hav

Question 7

One of the primary functions of the WTO is to hear and decide trade disputes between member nations.

Accepted Answer

A) True 
 B)False

Question 8

Under the North American Free Trade Agreement,a country can re-impose tariffs if an import surge from one of the other nations hurts its economy or workers.

Accepted Answer

A) True 
 B)False

Question 9

The United Nations is governed by the General Assembly,the Security Council,and the Secretariat.

Accepted Answer

A) True 
 B)False

Question 10

Classical Hindu law is based on civil codes.

Accepted Answer

A) True 
 B)False

Question 11

A Mexican friend of yours owns a successful factory that makes low-cost athletic shoes in Mexico City.Your friend tells you that his plan is to flood the American market with the shoes,and that he has absolutely no concern regarding tariff restrictions,because under the North American Free Trade Agreement,tariffs are absolutely prohibited.Do you agree?

Accepted Answer

A)  no, because under the North American Free Trade Agreement, a country can reinstate tariffs if an import surge from a nation that is a party to the agreement hurts the other country's economy or its workers 
B)  no, because the North American Free Trade Agreement does not address the issue of tariffs 
C)  no, because the North American Free Trade Agreement actually requires the imposition of tariffs 
D)  yes, tariffs are absolutely prohibited under the North American Free Trade Agreement 
E)  yes, but only because the North American Free Trade Agreement does not apply to consumer goods 
A)  no, because under the North American Free Trade Agreement, a country can reinstate tariffs if an import surge from a nation that is a party to the agreement hurts the other country's economy or its workers 
B)  no, because the North American Free Trade Agreement does not address the issue of tariffs 
C)  no, because the North American Free Trade Agreement actually requires the imposition of tariffs 
D)  yes, tariffs are absolutely prohibited under the North American Free Trade Agreement 
E)  yes, but only because the North American Free Trade Agreement does not apply to consumer goods

Question 12

Article I,Section 8,Clause 3 of the United States Constitution vests the federal judiciary with the power "to regulate commerce with foreign nations."

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is not one of the general sources of international law?

Accepted Answer

A)  a treaty between countries 
B)  a convention among countries 
C)  custom 
D)  United Nations resolutions 
E)  judicial decisions and teachings 
A)  a treaty between countries 
B)  a convention among countries 
C)  custom 
D)  United Nations resolutions 
E)  judicial decisions and teachings

Question 14

The entity with jurisdiction to enforce the most important and comprehensive trade agreements in the world today is the:

Accepted Answer

A)  General Agreement on Tariffs and Trade. 
B)  Security Council of the United Nations. 
C)  American Arbitration Association. 
D)  World Trade Organization. 
E)  International Court of Justice. 
A)  General Agreement on Tariffs and Trade. 
B)  Security Council of the United Nations. 
C)  American Arbitration Association. 
D)  World Trade Organization. 
E)  International Court of Justice.

Question 15

The General Agreement on Tariffs and Trade,the predecessor of the World Trade Organization,was ineffective regarding the resolution of trade disputes because:

Accepted Answer

A)  there were no enforcement rules to penalize violators. 
B)  member nations that lost disputes had the power to veto the sanctions imposed regarding decisions made against them. 
C)  there were not enough member nations to make resolution of disputes fair. 
D)  without a body of international precedent, there was little to base a nation's actions on, so decision-makers were hesitant to enforce sanctions against violators, due to concerns about the assurance of fairness and justice. 
E)  the United States withdrew from GATT, primarily due to its controversial dispute resolution provisions. 
A)  there were no enforcement rules to penalize violators. 
B)  member nations that lost disputes had the power to veto the sanctions imposed regarding decisions made against them. 
C)  there were not enough member nations to make resolution of disputes fair. 
D)  without a body of international precedent, there was little to base a nation's actions on, so decision-makers were hesitant to enforce sanctions against violators, due to concerns about the assurance of fairness and justice. 
E)  the United States withdrew from GATT, primarily due to its controversial dispute resolution provisions.

Question 16

Which of the following is true about the European Union?

Accepted Answer

A)  Member nations have not given up any sovereignty to the European Union. 
B)  Customs tariffs have been eliminated between member nations and nonmember nations. 
C)  A central bank for the European Union has been established. 
D)  The European Union includes several nations from Northern Africa with 
E)  Its primary purpose is military defense. 
A)  Member nations have not given up any sovereignty to the European Union. 
B)  Customs tariffs have been eliminated between member nations and nonmember nations. 
C)  A central bank for the European Union has been established. 
D)  The European Union includes several nations from Northern Africa with 
E)  Its primary purpose is military defense.

Question 17

Two countries who are members of the World Trade Organization have a trade dispute.One of the countries disagrees with the report of the three-member panel of the World Trade Organization.What is the next procedural step,assuming the dissatisfied party wishes to proceed?

Accepted Answer

A)  There is no next procedural step, because the report of the three-member panel is final. 
B)  The next procedural step is to the appeals court created by the World Trade Organization, which is composed of seven professional justices. 
C)  The next procedural step is to the Supreme International Court. 
D)  The next procedural step is to the Supreme Court of the prevailing party. 
E)  The next procedural step is to the dispute settlement body of the World Trade Organization. 
A)  There is no next procedural step, because the report of the three-member panel is final. 
B)  The next procedural step is to the appeals court created by the World Trade Organization, which is composed of seven professional justices. 
C)  The next procedural step is to the Supreme International Court. 
D)  The next procedural step is to the Supreme Court of the prevailing party. 
E)  The next procedural step is to the dispute settlement body of the World Trade Organization.

Question 18

The EU Commission is independent of its member nations.

Accepted Answer

A) True 
 B)False

Question 19

The goals of the United Nations are to maintain peace and security in the world,promote economic and social cooperation,and protect human rights.

Accepted Answer

A) True 
 B)False

Question 20

The World Bank is headquartered in:

Accepted Answer

A)  New York, New York. 
B)  Washington, D.C. 
C)  San Francisco, California. 
D)  London, England. 
E)  Zurich, Switzerland. 
A)  New York, New York. 
B)  Washington, D.C. 
C)  San Francisco, California. 
D)  London, England. 
E)  Zurich, Switzerland.

Exam 41: International and World Trade Law

The United States is not a signatory to the Central America Free Trade Agreement (CAFTA).

Members of the World Trade Organization "panel" are professional business executives from member nations.

The Secretary General of the United Nations is elected by the Security Council,and the election must be ratified by the General Assembly.

The International Monetary Fund is part of the United Nations.

The three nations that signed the North American Free Trade Agreement were the United States,Mexico,and Quebec.

What are some of the issues and reasons that have kept an international uniform code of legal principles from being established?

One of the primary functions of the WTO is to hear and decide trade disputes between member nations.

Under the North American Free Trade Agreement,a country can re-impose tariffs if an import surge from one of the other nations hurts its economy or workers.

The United Nations is governed by the General Assembly,the Security Council,and the Secretariat.

Classical Hindu law is based on civil codes.

Article I,Section 8,Clause 3 of the United States Constitution vests the federal judiciary with the power "to regulate commerce with foreign nations."

Which of the following is not one of the general sources of international law?

The entity with jurisdiction to enforce the most important and comprehensive trade agreements in the world today is the:

The General Agreement on Tariffs and Trade,the predecessor of the World Trade Organization,was ineffective regarding the resolution of trade disputes because:

Which of the following is true about the European Union?

Two countries who are members of the World Trade Organization have a trade dispute.One of the countries disagrees with the report of the three-member panel of the World Trade Organization.What is the next procedural step,assuming the dissatisfied party wishes to proceed?

The EU Commission is independent of its member nations.

The goals of the United Nations are to maintain peace and security in the world,promote economic and social cooperation,and protect human rights.

The World Bank is headquartered in:

Legal Heritage and the Information Age

Constitutional Law for Business and E-Commerce

Courts and Jurisdiction

Judicial, Alternative, Administrative, and E-Dispute Resolution

Torts and Strict Liability

Criminal Law and Cyber Crimes

Intellectual Property and Cyber Piracy

Ethics and Social Responsibility of Business

Nature of Traditional and E-Contracts

Agreement and Consideration

Capacity and Legality

Genuineness of Assent and Statute of Frauds

Third-Party Rights and Discharge

Breach of Contract and Remedies

Digital Law and E-Commerce

Formation of Sales, Lease, and E-Contracts

Performance of Sales, Leases and E-Contracts

Remedies for Breach of Sales and Lease Contracts

Warranties and Product Liability

Creation and Transfer of Negotiable Instruments

Holder in Due Course and Liability of Parties

Banking System, E-Money, and Financial Reform

Credit and Secured Transactions

Bankruptcy and Reorganization

Agency Law

Small Business, Entrepreneurship, and Partnerships

Corporate Formation and Financing

Corporate Governance and Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Company and Limited Liability Partnership

Franchise and Special Forms of Business

Investor Protection,E-Securities Transactions,and Wall Street Reform

Antitrust Law

Consumer Safety, Consumer Financial Protection, and Environmental Protection

Labor, Worker Protection, Employment, and Immigration Law

Equal Opportunity in Employment

Personal Property, Bailment, and Insurance

Real Property, Landlord-Tenant Law, and Land Use Regulation

Family Law, Wills, and Trusts

Accountants' Liability

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