Question 1

The 10 non-permanent members of the UN Security Council are selected by ________.

Accepted Answer

A)  members of the General Assembly to serve two-year terms 
B)  members of the General Assembly to serve five-year terms 
C)  the secretary-general of the Secretariat to serve two-year terms 
D)  the secretary-general of the Secretariat to serve five-year terms 
A)  members of the General Assembly to serve two-year terms 
B)  members of the General Assembly to serve five-year terms 
C)  the secretary-general of the Secretariat to serve two-year terms 
D)  the secretary-general of the Secretariat to serve five-year terms

Question 2

On the international level,the U.S.Constitution gives more power to the state governments than the federal government.

Accepted Answer

A) True 
 B)False

Question 3

Two of the world's largest countries,Japan and China,do not officially belong to any significant economic community.

Accepted Answer

A) True 
 B)False

Question 4

Indonesia,Vietnam,Thailand,and the Philippines are members of the ________.

Accepted Answer

A)  Organization of the Petroleum Exporting Countries 
B)  Association of Southeast Asian Nations 
C)  Dominican Republic-Central America Free Trade Agreement 
D)  North American Free Trade Agreement 
A)  Organization of the Petroleum Exporting Countries 
B)  Association of Southeast Asian Nations 
C)  Dominican Republic-Central America Free Trade Agreement 
D)  North American Free Trade Agreement

Question 5

Which of the following is an example of an autonomous agency of the United Nations?

Accepted Answer

A)  the North Atlantic Treaty Organization 
B)  the Security Council 
C)  the World Trade Organization 
D)  the International Monetary Fund 
A)  the North Atlantic Treaty Organization 
B)  the Security Council 
C)  the World Trade Organization 
D)  the International Monetary Fund

Question 6

________ is the largest trading partner of the United States.

Accepted Answer

A)  The United Kingdom 
B)  Canada 
C)  Russia 
D)  Mexico 
A)  The United Kingdom 
B)  Canada 
C)  Russia 
D)  Mexico

Question 7

ASEAN Plus Three (APT)is an association that discusses regional economic,social,and political issues in Southeast Asian countries.The "three" in the association refers to ________.

Accepted Answer

A)  Singapore, Malaysia, and Japan 
B)  Singapore, South Korea, and China 
C)  China, Japan, and South Korea 
D)  Malaysia, South Korea, and Japan 
A)  Singapore, Malaysia, and Japan 
B)  Singapore, South Korea, and China 
C)  China, Japan, and South Korea 
D)  Malaysia, South Korea, and Japan

Question 8

Which of the following is codified under the Foreign Sovereign Immunities Act?

Accepted Answer

A)  the act of state doctrine 
B)  the principle of restricted immunity 
C)  the supremacy clause 
D)  the choice of forum clause 
A)  the act of state doctrine 
B)  the principle of restricted immunity 
C)  the supremacy clause 
D)  the choice of forum clause

Question 9

In case of a breach in trade agreements of the World Trade Organization (WTO),which of the following WTO bodies first hears the dispute?

Accepted Answer

A)  the WTO panel 
B)  the WTO appellate body 
C)  the WTO dispute settlement body 
D)  the WTO General Council 
A)  the WTO panel 
B)  the WTO appellate body 
C)  the WTO dispute settlement body 
D)  the WTO General Council

Question 10

By default,a case involving an international dispute is prosecuted only in ________.

Accepted Answer

A)  the International Court of Justice 
B)  a court in the defendant's country 
C)  a court in the plaintiff's country 
D)  a court in a neutral country 
A)  the International Court of Justice 
B)  a court in the defendant's country 
C)  a court in the plaintiff's country 
D)  a court in a neutral country

Question 11

Ecuador,Algeria,and the United Arab Emirates are members of the ________.

Accepted Answer

A)  North American Free Trade Agreement 
B)  Dominican Republic-Central America Free Trade Agreement 
C)  Association of Southeast Asian Nations 
D)  Organization of the Petroleum Exporting Countries 
A)  North American Free Trade Agreement 
B)  Dominican Republic-Central America Free Trade Agreement 
C)  Association of Southeast Asian Nations 
D)  Organization of the Petroleum Exporting Countries

Question 12

A convention is an agreement or a contract between two or more nations that is formally signed by an authorized representative and ratified by the supreme power of each nation.

Accepted Answer

A) True 
 B)False

Question 13

The secretary-general of the UN Secretariat is elected by ________.

Accepted Answer

A)  the permanent members of the UN Security Council 
B)  all members of the UN Security Council 
C)  the judges of the International Court of Justice 
D)  the General Assembly 
A)  the permanent members of the UN Security Council 
B)  all members of the UN Security Council 
C)  the judges of the International Court of Justice 
D)  the General Assembly

Question 14

The choice of forum clause is a clause that designates the law to be applied by the court or arbitrator in deciding a case.

Accepted Answer

A) True 
 B)False

Question 15

The World Bank is financed by contributions from developed countries.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is true of the Islamic law of Shari'a?

Accepted Answer

A)  The Shari'a disallows making a reasonable profit from the sale of goods and services. 
B)  All Islamic or muslim-majority countries strictly follow the complete Shari'a to govern all aspects of life. 
C)  The Shari'a encourages riba through the strict payment and collection of interest on loans within stipulated periods of time. 
D)  The Shari'a is primarily used in the areas of marriage, divorce, and inheritance and, to a limited degree, criminal law. 
A)  The Shari'a disallows making a reasonable profit from the sale of goods and services. 
B)  All Islamic or muslim-majority countries strictly follow the complete Shari'a to govern all aspects of life. 
C)  The Shari'a encourages riba through the strict payment and collection of interest on loans within stipulated periods of time. 
D)  The Shari'a is primarily used in the areas of marriage, divorce, and inheritance and, to a limited degree, criminal law.

Question 17

Most Hindus live in ________,where they make up 80 percent of the population.

Accepted Answer

A)  India 
B)  Burma 
C)  Singapore 
D)  Sri Lanka 
A)  India 
B)  Burma 
C)  Singapore 
D)  Sri Lanka

Question 18

________ is an association of several Central American countries and the United States designed to reduce tariffs and trade barriers among member nations.

Accepted Answer

A)  NAFTA 
B)  ACFTA 
C)  DR-CAFTA 
D)  AKFTA 
A)  NAFTA 
B)  ACFTA 
C)  DR-CAFTA 
D)  AKFTA

Question 19

Which of the following is headed by the secretary-general of the UN?

Accepted Answer

A)  the International Court of Justice 
B)  the Secretariat 
C)  the Security Council 
D)  the General Assembly 
A)  the International Court of Justice 
B)  the Secretariat 
C)  the Security Council 
D)  the General Assembly

Question 20

The ________ is an international organization consisting of 153 member nations that was created in 1995 to promote and enforce trade agreements among member countries and customs territories.

Accepted Answer

A)  WTO 
B)  IMF 
C)  UNESCO 
D)  UNICEF 
A)  WTO 
B)  IMF 
C)  UNESCO 
D)  UNICEF

Exam 41: International and World Trade Law

The 10 non-permanent members of the UN Security Council are selected by ________.

On the international level,the U.S.Constitution gives more power to the state governments than the federal government.

Two of the world's largest countries,Japan and China,do not officially belong to any significant economic community.

Indonesia,Vietnam,Thailand,and the Philippines are members of the ________.

Which of the following is an example of an autonomous agency of the United Nations?

________ is the largest trading partner of the United States.

ASEAN Plus Three (APT)is an association that discusses regional economic,social,and political issues in Southeast Asian countries.The "three" in the association refers to ________.

Which of the following is codified under the Foreign Sovereign Immunities Act?

In case of a breach in trade agreements of the World Trade Organization (WTO),which of the following WTO bodies first hears the dispute?

By default,a case involving an international dispute is prosecuted only in ________.

Ecuador,Algeria,and the United Arab Emirates are members of the ________.

A convention is an agreement or a contract between two or more nations that is formally signed by an authorized representative and ratified by the supreme power of each nation.

The secretary-general of the UN Secretariat is elected by ________.

The choice of forum clause is a clause that designates the law to be applied by the court or arbitrator in deciding a case.

The World Bank is financed by contributions from developed countries.

Which of the following is true of the Islamic law of Shari'a?

Most Hindus live in ________,where they make up 80 percent of the population.

________ is an association of several Central American countries and the United States designed to reduce tariffs and trade barriers among member nations.

Which of the following is headed by the secretary-general of the UN?

The ________ is an international organization consisting of 153 member nations that was created in 1995 to promote and enforce trade agreements among member countries and customs territories.

Legal Heritage and the Digital Age

Constitutional Law for Business and E-commerce

Courts and Jurisdiction

Judicial Alternative Administrative and E-Dispute Resolution

Intentional Torts and Negligence

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 and Lease Contracts

Title to Goods and Risk of Loss

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 and Electronic Financial Transactions

Credit, Real Property Financing, and Secured Transactions

Bankruptcy and Reorganization

Agency law

Small Business, Entrepreneurship, and Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchise and Special Forms of Business

Investor Protection, E-Securities, and Wall Street Reform

Antitrust Law and Unfair Trade Practices

Consumer Safety and Environmental Protection

Labor, Worker Protection, and Immigration Laws

Equal Opportunity in Employment

Personal Property, Bailment, and Insurance

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

Family Law, Wills, and Trusts

Accountants' Duties and Liability

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