Question 1

The WTO administers trade agreements but does not get involved with dispute resolution.

Accepted Answer

A) True 
 B)False

Question 2

The CISG specifically excludes sales of which of the following?

Accepted Answer

A)  Goods bought for personal, family, or household use. 
B)  Ships or aircraft. 
C)  Electricity. 
D)  All of these are specifically excluded. 
A)  Goods bought for personal, family, or household use. 
B)  Ships or aircraft. 
C)  Electricity. 
D)  All of these are specifically excluded.

Question 3

Sovereign immunity is absolute immunity from the courts of a host country.

Accepted Answer

A) True 
 B)False

Question 4

The General Agreement on Tariffs and Trade (GATT):

Accepted Answer

A)  attempts to limit the practice of "dumping." 
B)  is a general international antitrust agreement. 
C)  seeks to prohibit discrimination on import regulations and prevent export fees and export quotas through the mechanism of the "most-favored nations" status. 
D)  has successfully rid international trade of tariffs. 
A)  attempts to limit the practice of "dumping." 
B)  is a general international antitrust agreement. 
C)  seeks to prohibit discrimination on import regulations and prevent export fees and export quotas through the mechanism of the "most-favored nations" status. 
D)  has successfully rid international trade of tariffs.

Question 5

"Normal value" is the price that would be charged for the same or a similar product in the ordinary course of trade for domestic consumption in the exporting country, under the World Trade Organization's:

Accepted Answer

A)  tariff regulations. 
B)  nontariff barrier. 
C)  Antidumping Code. 
D)  export controls. 
A)  tariff regulations. 
B)  nontariff barrier. 
C)  Antidumping Code. 
D)  export controls.

Exam 46: International Business Law

The WTO administers trade agreements but does not get involved with dispute resolution.

The CISG specifically excludes sales of which of the following?

Sovereign immunity is absolute immunity from the courts of a host country.

The General Agreement on Tariffs and Trade (GATT):

"Normal value" is the price that would be charged for the same or a similar product in the ordinary course of trade for domestic consumption in the exporting country, under the World Trade Organization's:

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