Question 1

What is the World Bank? What is its function?

Accepted Answer

The World Bank is a United Nations agenc

Question 2

Which of the following statements is true of the European Union (EU)?

Accepted Answer

A)  All issues have to be passed unanimously by the EU members to be enforced. 
B)  Every country in the European Union has adopted the euro as its monetary unit. 
C)  Customs duties have been removed among member nations of the European Union. 
D)  Custom tariffs have been removed for trade between the EU and the rest of the world. 
A)  All issues have to be passed unanimously by the EU members to be enforced. 
B)  Every country in the European Union has adopted the euro as its monetary unit. 
C)  Customs duties have been removed among member nations of the European Union. 
D)  Custom tariffs have been removed for trade between the EU and the rest of the world.

Question 3

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 4

The act of state doctrine allows the citizen of one country to bring a lawsuit in that country against a law prevalent in another.

Accepted Answer

A) True 
 B)False

Question 5

The ________ has jurisdiction to enforce the most important and comprehensive trade agreements in the world among its 160 member nations and customs territories.

Accepted Answer

A)  World Trade Organization 
B)  International Monetary Fund 
C)  North American Free Trade Agreement 
D)  General Agreement on Tariffs and Trade 
A)  World Trade Organization 
B)  International Monetary Fund 
C)  North American Free Trade Agreement 
D)  General Agreement on Tariffs and Trade

Question 6

The World Trade Organization (WTO) appellate body hears appeals that are limited to issues of law, not fact.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is true of the International Monetary Fund (IMF)?

Accepted Answer

A)  The IMF is a federal body that consists of representatives of all the states and federal experts of the United States. 
B)  The IMF is funded from the Superfund created by the Comprehensive Environmental Response, Compensation, and Liability Act. 
C)  The IMF is an autonomous agency of the United Nations which promotes sound monetary, fiscal, and macroeconomic policies worldwide. 
D)  The IMF is responsible for providing one-time grants to needy countries with no terms and conditions attached to the assistance. 
A)  The IMF is a federal body that consists of representatives of all the states and federal experts of the United States. 
B)  The IMF is funded from the Superfund created by the Comprehensive Environmental Response, Compensation, and Liability Act. 
C)  The IMF is an autonomous agency of the United Nations which promotes sound monetary, fiscal, and macroeconomic policies worldwide. 
D)  The IMF is responsible for providing one-time grants to needy countries with no terms and conditions attached to the assistance.

Question 8

The United Nations (UN) does not allow permanent membership of the Security Council to any member nation.

Accepted Answer

A) True 
 B)False

Question 9

The International Monetary Fund is an exclusive organization set up to primarily help the member nations of the Security Council.

Accepted Answer

A) True 
 B)False

Question 10

The North American Free Trade Agreement (NAFTA) includes special protection for favored industries that have a lot of lobby muscle.

Accepted Answer

A) True 
 B)False

Question 11

The euro can only be used in countries that are part of the eurozone.

Accepted Answer

A) True 
 B)False

Question 12

Throughout Christianity, divine and natural laws have been issued in the form of ________.

Accepted Answer

A)  edicts 
B)  conventions 
C)  adjurations 
D)  canons 
A)  edicts 
B)  conventions 
C)  adjurations 
D)  canons

Question 13

Which of the following is a provision under the Foreign Sovereign Immunities Act?

Accepted Answer

A)  It stipulates the rules for conflict resolution between the Dominican Republic-Central America Free Trade Agreement (DR-CAFT
A)  members. 
B)  It endows the president with powers to enter into treaties with foreign nations. 
C)  It exclusively governs suits against foreign nations in the United States. 
D)  It regulates commerce between the United States and foreign nations. 
A)  It stipulates the rules for conflict resolution between the Dominican Republic-Central America Free Trade Agreement (DR-CAFT
A)  members. 
B)  It endows the president with powers to enter into treaties with foreign nations. 
C)  It exclusively governs suits against foreign nations in the United States. 
D)  It regulates commerce between the United States and foreign nations.

Question 14

The ________ is a treaty that has removed or reduced tariffs, duties, quotas, and other trade barriers among the United States, Canada, and Mexico.

Accepted Answer

A)  Free Trade Area of the Americas Treaty 
B)  North American Free Trade Agreement 
C)  Central America Free Trade Agreement 
D)  General Agreement on Tariffs and Trade 
A)  Free Trade Area of the Americas Treaty 
B)  North American Free Trade Agreement 
C)  Central America Free Trade Agreement 
D)  General Agreement on Tariffs and Trade

Question 15

Under the Treaty Clause, ________ is seen as the agent of the United States in dealing with foreign countries.

Accepted Answer

A)  the Secretariat 
B)  the president 
C)  the United Nations 
D)  the deputy secretary 
A)  the Secretariat 
B)  the president 
C)  the United Nations 
D)  the deputy secretary

Question 16

Which of the following statements is true of international law?

Accepted Answer

A)  All legal matters of international importance are prosecuted by a single world court that is responsible for interpreting international law. 
B)  The enforcement of international law is regulated by a unitary world executive branch. 
C)  There is no single legislative source of international law. 
D)  All countries have to follow the international law enacted by other countries. 
A)  All legal matters of international importance are prosecuted by a single world court that is responsible for interpreting international law. 
B)  The enforcement of international law is regulated by a unitary world executive branch. 
C)  There is no single legislative source of international law. 
D)  All countries have to follow the international law enacted by other countries.

Question 17

The European Union was created by a multilateral treaty.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following statements is true of the Treaty Clause?

Accepted Answer

A)  It provides that the president can make treaties of his own accord, autonomously. 
B)  It provides that the president can enter into treaties with the approval of the two-thirds of the senate. 
C)  It provides that the states have exclusive power to regulate internal and foreign affairs. 
D)  It provides that the federal government has supremacy over the state in matters of international trade. 
A)  It provides that the president can make treaties of his own accord, autonomously. 
B)  It provides that the president can enter into treaties with the approval of the two-thirds of the senate. 
C)  It provides that the states have exclusive power to regulate internal and foreign affairs. 
D)  It provides that the federal government has supremacy over the state in matters of international trade.

Question 19

The United Nations (UN) Secretariat is headed by the secretary-general of the UN.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following statements is true of the North American Free Trade Agreement (NAFTA)?

Accepted Answer

A)  It allows a member country to reimpose tariffs if imports are hurting that country's economy or its workers. 
B)  It disallows any special protection being extended to specific industries. 
C)  It disallows NAFTA members from trading with other countries unless a unanimous vote is obtained. 
D)  It has been hailed by economists to be a perfect example of a free trade pact. 
A)  It allows a member country to reimpose tariffs if imports are hurting that country's economy or its workers. 
B)  It disallows any special protection being extended to specific industries. 
C)  It disallows NAFTA members from trading with other countries unless a unanimous vote is obtained. 
D)  It has been hailed by economists to be a perfect example of a free trade pact.

Exam 54: International and World Trade Law

What is the World Bank? What is its function?

Which of the following statements is true of the European Union (EU)?

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

The act of state doctrine allows the citizen of one country to bring a lawsuit in that country against a law prevalent in another.

The ________ has jurisdiction to enforce the most important and comprehensive trade agreements in the world among its 160 member nations and customs territories.

The World Trade Organization (WTO) appellate body hears appeals that are limited to issues of law, not fact.

Which of the following is true of the International Monetary Fund (IMF)?

The United Nations (UN) does not allow permanent membership of the Security Council to any member nation.

The International Monetary Fund is an exclusive organization set up to primarily help the member nations of the Security Council.

The North American Free Trade Agreement (NAFTA) includes special protection for favored industries that have a lot of lobby muscle.

The euro can only be used in countries that are part of the eurozone.

Throughout Christianity, divine and natural laws have been issued in the form of ________.

Which of the following is a provision under the Foreign Sovereign Immunities Act?

The ________ is a treaty that has removed or reduced tariffs, duties, quotas, and other trade barriers among the United States, Canada, and Mexico.

Under the Treaty Clause, ________ is seen as the agent of the United States in dealing with foreign countries.

Which of the following statements is true of international law?

The European Union was created by a multilateral treaty.

Which of the following statements is true of the Treaty Clause?

The United Nations (UN) Secretariat is headed by the secretary-general of the UN.

Which of the following statements is true of the North American Free Trade Agreement (NAFTA)?

Legal Heritage and the Digital Age

Courts and Jurisdiction

Judicial, Alternative, and E-Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crime

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

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

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, Defenses, and Discharge

Banking System and Electronic Financial Transactions

Credit, Mortgages, and Debtors Rights

Secured Transactions

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment, Worker Protection, and Immigration Law

Labor Law

Equal Opportunity in Employment

Small Business, Entrepreneurship, and General Partnerships

Limited Partnerships and Special 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 and E-Securities Transactions

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Personal Property, Real Property, and Insurance

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants Duties and Liability

Wills, Trusts, and Estates

Family Law

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