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1) The NAFTA provides MFN provisions for trade in services sectors.
2) Forum non conveniens originated from Scottish Common Law.
3) A bill of exchange that is payable at a definite future time is known as a sight bill.
4) Establishing a branch in a foreign country does not create a true multinational
enterprise.
5) A bill of lading is a document of title.
6) The International Court of Justice is the principal judicial organ of the United
Nations.
7) In a conditional endorsement, no subsequent holder has the right to enforce the
payment against a conditional endorser until the condition is met.
8) Apart from a Presidentially granted exception, the only means by which an American
can lawfully leave the country or return to it is with a passport.
9) The force majeure excuse becomes applicable in the event of a natural disaster.
10) Any act of expropriation of foreign property is considered illegal under
international law.
11) The laws in the United States allow warranty liability on negotiable instruments.
12) Bearer securities are registered on the books of the issuer.
13) The vested rights doctrine states that courts should apply the law of the state where
the rights of the parties legally became effective.
14) The largest free zones are called free cities.
15) The _______ is an agreement between a host state and a foreign investor that says
that the investor will not seek the diplomatic assistance of his, her, or its home state in
resolving disputes with the host state.
A. Calvo Clause
B. Due Process Clause
C. exclusionary rule
D. shelter principle
16) Which of the following cases would specifically fall under the special cases
category when being prioritized for permanent visa application in the United States?
A. an alien who is a citizen of one of the NAFTA countries
B. an alien who has entered the United States using the Visa Waiver Program
C. an alien who is doing business in the United States
D. an alien who is seeking political asylum in the United States
17) ________ is a form of international dispute settlement that attempts to reconcile
parties to a disagreement by use of negotiation, mediation, or inquiry.
A. Litigation
B. Petition
C. Arraignment
D. Diplomacy
18) Which of the following is true of damages under the CISG?
A. Damages for breach of contract by one party do not include loss of profit suffered by
the other party as a consequence of the breach
B. The party claiming damages is under an obligation to mitigate losses
C. The foreseeability test cannot be applied in cases involving damage claim
D. The breaching party is not liable for any foreseeable damages
19) Which of the following is true of the IMFs credit tranche?
A. Each credit tranche is equivalent to 50 percent of the members quota
B. A member is entitled to four credit tranches
C. A credit tranche cannot be used to make balance-of-payments
D. All credit tranches are subject to similar rules or conditions
20) A(n) ________ is a contractual obligation of a company to repay the holder the
amount of his or her original investment plus interest at a specified future date.
A. bond
B. equity
C. common stock
D. capital stock
21) Which of the following is true of labor restrictions that can be placed on newly
joined members under the EU?
A. that all restrictions have to be lifted after the first five years from joining
B. that the restrictions can be extended for two more years after the first five years of
joining
C. that the restrictions can only be added on the first two years after joining
D. that the freedom of movement of workers is an absolute right for all Europeans upon
joining the EU
22) According to common law, which of the following is true of payment in a
negotiable instrument?
A. It has to be paid in the currency of the country in which it was issued
B. It cannot be made in installments
C. It should be ascertainable from the instrument itself
D. It can be paid in a nonmonetary mode of payment
23) ________ is a statement designating objectives and priority actions for the
international community leading up to the year 2000 and beyond. These include the
promotion of sustainable and environmentally friendly growth, the prevention of
pollution, and the protection and conservation of the Earths natural resources.
A. Agenda 21
B. Kyoto Protocol
C. Resolution 2389
D. Article 5
24) A(n) ________ is an association of seagoing carriers that have joined together to
offer common freight rates.
A. independent line
B. freight forwarder
C. conference line
D. free carrier
25) The gold standard differed from the gold bullion standard in that the gold standard
________.
A. used gold coins of standard specification
B. was highly liquid
C. backed paper currency with gold bullions
D. did not use minted gold coins
26) Which of the following sections of the IMF Articles of Agreement requires a
member to buy its own currency from other members who have acquired it as the result
of current transactions?
A. Section 2(a) of Article VIII
B. Section 2(b) of Article VIII
C. Section 5 of Article VIII
D. Section 4 of Article VIII
27) The ________ consists of the criteria that allow a court to assume criminal
jurisdiction when the defendant is a national of the forum state.
A. territoriality nexus
B. nationality nexus
C. protective nexus
D. universality nexus
28) Which of the following is true of res in civil law countries?
A. The res is seized without prior notice to the owner
B. The res is not regarded as something distinct from its owner
C. Maritime lien associated with a res requires separate possession
D. The res itself can be liable for the owners breach of contract
29) Which of the following is true of private money?
A. It can only be used for making payments between private parties who agree in
advance to its use
B. It cannot consist of any other sort of transferable material but official money
C. It can be used to pay public debts
D. It is an example of reserve currency
30) In civil law countries, a(n) ________ is any private wrong or injury, or a minor
public wrong or injury.
A. delict
B. certiorari
C. writ
D. estoppel
31) Which of the following is present in the GATS Framework Agreement?
A. the terms, limitations, and conditions that can be placed on market access
B. the sectoral annexes that deal with issues unique to particular economic sectors
C. the list of service sectors that members are willing to open to the markets
D. the general obligations and disciplines to be followed by member states
32) A contract comes into existence when an offeree communicates his/her ________ to
the offeror.
A. acceptance
B. counteroffer
C. revocation
D. firm offer
33) Which of the following is true of the Missile Technology Control Regime?
A. It is a group of nuclear supplier countries
B. It authorizes the UN Security Council to impose sanctions, including the adoption of
bans on trade, on states whose actions threaten international peace
C. It is a formal group with a permanent organization
D. It was established to limit the proliferation of missiles capable of delivering nuclear
weapons
34) A(n) ________ is a patent granted to protect new and original blueprint of an article
of manufacture.
A. copyright
B. utility patent
C. plant patent
D. design patent
35) A ________ is a person who has access to material nonpublic information about a
company or the securities market and who discloses it to someone who acts on that
information.
A. bona fide purchaser
B. whistle-blower
C. boundary spanner
D. tipper
36) The North American Free Trade Agreement (NAFTA) differs from the GATS in that
NAFTA ________.
A. does not impose the national treatment requirement on its members
B. does not provide the right to have the international standard of care doctrine applied
to expropriations
C. does not deal with services but rather by sectors
D. does not have provisions for annexes
37) Which of the following terms refers to the point in the transaction where the risk of
loss or damage to the goods is transferred from the seller to the buyer?
A. demurrage
B. ad litem
C. contra legem
D. delivery
38) Which of the following is true of the CISGs risk allocation between parties of a
contract?
A. If a seller fails to take delivery, then the buyer has to assume the risk for any damage
to the goods after that time
B. The CISG defines some trade terms, which can be used by the parties to allocate risk
among themselves
C. It allows parties to use Incoterms for risk allocation
D. The CISGs risk allocation is affected by breach of contact
39) Which of the following is an organ of the World Trade Organization?
A. Council for Trade in Services
B. International Monetary Fund
C. World Bank
D. Nuclear Suppliers Group
40) Using the ________ method of interpreting a statute would require understanding
the legislative history leading up to the adoption of that statute.
A. nolo contendere
B. force majeure
C. de minimis
D. travaux prparatoires
41) Which of the following was the major change made in the Second Amendment to
the IMFs Articles of Agreement in 1976?
A. It allows members to define the value of their currency by any criteria except gold
B. It implements the U.S. dollar as its international reserve currency
C. It establishes the IMFs SDR as an international currency
D. It prohibits members from pegging their currency to a currency basket
42) The UNs Convention on Contracts for the International Sale of Goods (CISG)
differs from the Convention Relating to a Uniform Law on the Formation of Contracts
for the International Sale of Goods (ULF) in that the CISG ________.
A. does not represent the legal systems of communist nations
B. contains provisions for domestic sales of goods
C. represents all major legal systems
D. does not contain provisions pertaining to the formation of contracts
43) Which of the following terms refers to a right to the use of anothers property?
A. usus
B. charter
C. servitude
D. comity
44) ________ is the customs value of goods that is based on their price calculated from
the cost of manufacture, overhead, and handling.
A. Transaction value
B. Deductive value
C. Computed value
D. Derived value
45) Which of the following terms refers to the nearly simultaneous purchase of a
commodity (such as a currency) in one market and its sale in another to profit from the
price differential?
A. allonge
B. expropriation
C. arbitrage
D. condonation
46) ________ are voluntary guidelines that specify the same things that technical
regulations mandatorily specify.
A. Standards
B. Safeguards
C. Rules of origin
D. Conformity assessment procedures
47) The World Trade Organization was a result of the ________.
A. Dillon Round
B. Tokyo Round
C. Kennedy Round
D. Uruguay Round
48) For which of the following types of endorsements is there a difference in endorsee
status between the ULB and common law?
A. conditional endorsement
B. collection endorsement
C. agency endorsement
D. endorsement prohibiting further endorsement
49) If a seller delivers early, ________.
A. the buyer must accept the goods and pay the money immediately
B. the right of the buyer to recover damages is lost
C. the buyer is under no obligation to take delivery
D. the buyer will become entitled to a reduction in price
50) The ________ is the intergovernmental arrangement and organization to coordinate
national policies so that transfers of conventional arms and dual-use goods and
technologies do not contribute to the development or enhancement of military
capabilities that undermine international and regional security and are not diverted to
support such capabilities.
A. Agreement on Trade Related Investment Measures
B. Harmonized System
C. Wassenaar Arrangement
D. Integrated Program for Commodities
51) A(n) ________ is the grant, by state decree, of a license to use a statutory right
when the owner has failed to work it.
A. package license
B. compulsory license
C. exclusive license
D. statutory copyright license
52) In case of a person with dual citizenship, which of the following is true about using
the lack of nationality objection for the two countries involved?
A. It cannot be used by either of the two countries against each other
B. It cannot be used by a third country against any one of the two countries involved
C. It cannot be used against the country of master nationality by the other country
D. It cannot be used by any one of the two countries against a third country
53) What is the Kyoto Protocol? What is its main objective?
54) List out the remedies that are unique to a buyer.
55) Explain supranational powers.
56) Distinguish between treaties and conventions.
57) What is the basic code of conduct that member nations are obligated to follow upon
joining the IMF?
58) What are the three different types of states?
