Free movement of people in the EU:
a. Allows EU residents to travel, live, study and work in other EU member states.
b. Is not subject to any limitations whatsoever.
c. Still requires border controls between most member states.
d. Allows for immigration to the EU that was previously deemed illegal.
Answer:
GATT envisages a process of tariff bargaining, and this is accomplished through a
hit-and-miss process of tariff reductions and increases called “rounds.”
a. True
b. False
Answer:
Regarding trade in services under NAFTA:
a. No NAFTA country can require a North American service provider to have a
residence or office within its border.
b. The most important impact of NAFTA’s financial services provisions is that they
open Mexican financial service industries to investment by Canada and the United
States.
c. NAFTA does not affect regulations applied to purely domestic truck or bus
transportation.
d. NAFTA eliminated all tariffs on telephones, cellular phones, and trade in
communications equipment in 2004.
e. All of the above are correct.
Answer:
In 1997, U.S. Customs adopted a “checklist” that provides an absolute legal standard of
reasonable care to be used by importers.
a. True
b. False
Answer:
NAFTA eliminated all tariffs on telephones, cellular phones, and trade in communicates
equipment in 2004.
a. True
b. False
Answer:
A subsidy exist where the government has conferred a benefit to a domestic firm or
industry, except
a. Lower tax rate
b. Guarantee low interest loans
c. Buying goods from domestic firms at higher market prices
d. Grants to research universities
Answer:
The Council of Ministers and the European Council are the same body.
a. True
b. False
Answer:
The law of general average is found in the Hague Rules permits a captain of a vessel to
take timely action to avoid a disaster and claim average damages.
a. True
b. False
Answer:
One advantage of arbitration is that awards are recognized by the signers of the U.N.
Convention on Recognition and Enforcement of Foreign Arbitral Awards (or, the New
York Convention).
a. True
b. False
Answer:
One argument in favor of a strong executive branch in international affairs is that the
nation must ‘speak with one voice.”
a. True
b. False
Answer:
Formulas, blueprints, and technical data are subject to controls when exported.
a. True
b. False
Answer:
Only U.S. and Canadian manufacturers may submit their products to independent
laboratories for testing in order to attach the CE mark before admitted into the EU.
a. True
b. False
Answer:
In the case of nationalization, the party whose property has been subject to a taking may
elect to receive either the fair market value as estimated by a government agency or the
saleable value as identified by independent valuation specialists.
a. True
b. False
Answer:
A field of use limitation in a licensing agreement restricts the licensee’s ability to
market in certain geographical areas.
a. True
b. False
Answer:
In response to the recent financial crisis, the Eurozone states launched a permanent
funding program for the rescue of states undergoing financial crisis called the:
a. Eurozone Crisis Act.
b. European Fiscal Compact.
c. European Stability Mechanism.
d. None of the above
Answer:
Restrictions written into the franchise agreement must be strictly adhered to regardless
of the effects it may have on the competitive potential of the franchisee in the host
country.
a. True
b. False
Answer:
During the 1940s, the U.S. instituted a price support system for American potatoes.
Congress had addressed the problems of agricultural imports in the Agricultural Act of
1948. The U.S. Secretary of State entered into an executive agreement with Canada that
would permit only seed potatoes to be imported into the U.S. This agreement was not
submitted to or approved by congress. A potato importer imported potatoes into the
U.S. for A & P grocery stores for resale. When the court tried this case brought by the
U.S. against the importer:
a. The court found for the importer because the executive agreement was entered into
without Congressional approval.
b. The court found for the U.S. because this was an executive agreement provided for
by the president.
c. The court used the “first in time rule” and found for U.S. since Congress and the
president are equal.
d. None of the above is correct in this situation.
Answer: