Question 1

"National Treatment" prohibits WTO members from discriminating against imported products in favor of "like products" produced domestically.

Accepted Answer

A) True 
 B)False

Question 2

Choice-of-law provisions in a contract seek to avoid later disputes over which law applies.

Accepted Answer

A) True 
 B)False

Question 3

What is the principle of comity? What conditions must usually exist for the principle to be applied?

Accepted Answer

Under the principle of comity,a court wi

Question 4

The process by which property ownership is transferred from a nation to a private entity is called:

Accepted Answer

A)  privatization. 
B)  nationalization. 
C)  appropriation. 
D)  a transfer. 
A)  privatization. 
B)  nationalization. 
C)  appropriation. 
D)  a transfer.

Question 5

The Council of Ministers is the legislative body of:

Accepted Answer

A)  NAFTA. 
B)  GATT. 
C)  the Treaty of Rome. 
D)  the European Union. 
A)  NAFTA. 
B)  GATT. 
C)  the Treaty of Rome. 
D)  the European Union.

Question 6

Codification is a process by which existing common law positions are restated and laid down in a statute.

Accepted Answer

A) True 
 B)False

Question 7

__________ is a process used mainly in the area of public international law whereby a third party,often a disinterested government,brings the parties together by establishing communication and providing a site where the parties can meet,often in secret.

Accepted Answer

A)  Public involvement 
B)  Good offices 
C)  International involvement 
D)  Best transactions 
A)  Public involvement 
B)  Good offices 
C)  International involvement 
D)  Best transactions

Question 8

The North American Free Trade Agreement provides for elimination of barriers to trade between what countries?

Accepted Answer

A)  The United States, Canada, and Mexico. 
B)  The United States, Canada, Mexico, and Brazil. 
C)  The United States and all South American countries. 
D)  The United States and Mexico only. 
A)  The United States, Canada, and Mexico. 
B)  The United States, Canada, Mexico, and Brazil. 
C)  The United States and all South American countries. 
D)  The United States and Mexico only.

Question 9

__________ is the process by which a country asserts a right to regulate activities that occur beyond its borders.

Accepted Answer

A)  Internationalization 
B)  Nationalization 
C)  Extraterritoriality 
D)  Appropriation 
A)  Internationalization 
B)  Nationalization 
C)  Extraterritoriality 
D)  Appropriation

Question 10

Senator Smith is tired of all the imports of televisions coming into this country.He proposes a bill by which all foreign-made televisions will be taxed an additional $100 before being allowed into the country.He receives a great deal of support for his bill,but one senator questions whether such an arrangement is illegal since it will discriminate against imported goods.Which of the following is correct?

Accepted Answer

A)  There is no problem with the additional tax because the U.S.is a sovereign nation. 
B)  There is no problem with the tax so long as it can be shown that American jobs are being lost due to the number of televisions being imported. 
C)  Under the principle of national treatment, the U.S., as a member of the World Trade Organization, may not discriminate against imported goods and may not apply the tax unless it is also applied equally to domestic products. 
D)  The tax may not be imposed under the Uniform Trade Initiative. 
A)  There is no problem with the additional tax because the U.S.is a sovereign nation. 
B)  There is no problem with the tax so long as it can be shown that American jobs are being lost due to the number of televisions being imported. 
C)  Under the principle of national treatment, the U.S., as a member of the World Trade Organization, may not discriminate against imported goods and may not apply the tax unless it is also applied equally to domestic products. 
D)  The tax may not be imposed under the Uniform Trade Initiative.

Question 11

U.S.trade laws are enacted by the Congress pursuant to the treaty power of the U.S.Constitution.

Accepted Answer

A) True 
 B)False

Question 12

Jackson owns a business in a foreign country that is considered "friendly" with the U.S.but which has significant political unrest.Jackson is uneasy about the situation in the country.He is concerned that his business could be the subject of a taking by the foreign country or losses due to civil unrest.What advice would you give him?

Accepted Answer

A)  He should seek insurance through the Foreign Insurance Services Company, a privately run insurance company specializing in foreign risk. 
B)  He should do nothing at the present, but seek reimbursement through the U.S.government should losses be incurred. 
C)  He should seek insurance through the Overseas Private Investment Corporation, a U.S.government agency specializing in providing insurance for foreign risk. 
D)  He should sell the company and leave the country because insurance is not available 
A)  He should seek insurance through the Foreign Insurance Services Company, a privately run insurance company specializing in foreign risk. 
B)  He should do nothing at the present, but seek reimbursement through the U.S.government should losses be incurred. 
C)  He should seek insurance through the Overseas Private Investment Corporation, a U.S.government agency specializing in providing insurance for foreign risk. 
D)  He should sell the company and leave the country because insurance is not available

Question 13

The principle that each World Trade Organization member must accord to all other member countries tariff treatment no less favorable than it provides to any other country is known as the __________ principle.

Accepted Answer

A)  most favored nation 
B)  preference 
C)  bound nation protection 
D)  product enhancement 
A)  most favored nation 
B)  preference 
C)  bound nation protection 
D)  product enhancement

Question 14

The __________ provides for temporary relief to domestic industries seriously injured by increasing imports,regardless of whether unfair practices are involved.

Accepted Answer

A)  fair trade law 
B)  import-relief law 
C)  duty free zone 
D)  foreign trade zone 
A)  fair trade law 
B)  import-relief law 
C)  duty free zone 
D)  foreign trade zone

Question 15

A product is __________ when it is sold abroad below the current selling price in the exporter's home market or below the exporter's cost of production.

Accepted Answer

A)  subsidized 
B)  dumped 
C)  underpriced 
D)  undervalued 
A)  subsidized 
B)  dumped 
C)  underpriced 
D)  undervalued

Question 16

The process in which existing common law positions are restated and laid down in a statute is referred to as:

Accepted Answer

A)  conciliation. 
B)  codification. 
C)  directive encoding. 
D)  sectioning. 
A)  conciliation. 
B)  codification. 
C)  directive encoding. 
D)  sectioning.

Question 17

What is the act-of-state doctrine,and how is it generally applied by U.S.courts?

Accepted Answer

The act-of-state doctrine applies to the

Question 18

In a series of laws,known collectively as the __________ laws,Congress has authorized the President to raise U.S.tariffs on specified products and to provide other forms of import protection to U.S.businesses.

Accepted Answer

A)  export-relief 
B)  domestic-relief 
C)  import-relief 
D)  international-relief 
A)  export-relief 
B)  domestic-relief 
C)  import-relief 
D)  international-relief

Question 19

Through the process of __________,a nation that was not an original party to a treaty can elect to participate in a treaty at a later time.

Accepted Answer

A)  ratification 
B)  accession 
C)  signing 
D)  approval 
A)  ratification 
B)  accession 
C)  signing 
D)  approval

Question 20

Exports are controlled by means of export:

Accepted Answer

A)  duties. 
B)  licenses. 
C)  subsidies. 
D)  customs valuations. 
A)  duties. 
B)  licenses. 
C)  subsidies. 
D)  customs valuations.

Exam 24: International Law and Transactions.

"National Treatment" prohibits WTO members from discriminating against imported products in favor of "like products" produced domestically.

Choice-of-law provisions in a contract seek to avoid later disputes over which law applies.

What is the principle of comity? What conditions must usually exist for the principle to be applied?

The process by which property ownership is transferred from a nation to a private entity is called:

The Council of Ministers is the legislative body of:

Codification is a process by which existing common law positions are restated and laid down in a statute.

__________ is a process used mainly in the area of public international law whereby a third party,often a disinterested government,brings the parties together by establishing communication and providing a site where the parties can meet,often in secret.

The North American Free Trade Agreement provides for elimination of barriers to trade between what countries?

__________ is the process by which a country asserts a right to regulate activities that occur beyond its borders.

U.S.trade laws are enacted by the Congress pursuant to the treaty power of the U.S.Constitution.

The principle that each World Trade Organization member must accord to all other member countries tariff treatment no less favorable than it provides to any other country is known as the __________ principle.

The __________ provides for temporary relief to domestic industries seriously injured by increasing imports,regardless of whether unfair practices are involved.

A product is __________ when it is sold abroad below the current selling price in the exporter's home market or below the exporter's cost of production.

The process in which existing common law positions are restated and laid down in a statute is referred to as:

What is the act-of-state doctrine,and how is it generally applied by U.S.courts?

In a series of laws,known collectively as the __________ laws,Congress has authorized the President to raise U.S.tariffs on specified products and to provide other forms of import protection to U.S.businesses.

Through the process of __________,a nation that was not an original party to a treaty can elect to participate in a treaty at a later time.

Exports are controlled by means of export:

Law, Value Creation, and Risk Management.

Ethics and the Law.

Sources of Law, Courts, and Dispute Resolution.

Constitutional Bases for Business Regulation.

Agency.

Administrative Law.

Contracts.

Sales, Licensing, and E-Commerce.

Torts and Privacy Protection.

Product Liability.

Intellectual Property.

The Employment Agreement.

Civil Rights and Employment Discrimination.

Criminal Law.

Environmental Law and Sustainability.

Antitrust.

Consumer Protection.

Real Property and Land Use.

Forms of Business Organizations.

Directors, Officers, and Controlling Shareholders.

Public and Private Offerings of Securities.

Securities Fraud and Insider Trading.

Debtor-Creditor Relations and Bankruptcy.

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