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In determining the description of an article under the tariff schedules by the courts
a.Common meaning
b.WTO definitions
c.Scientific authorities and expert witnesses
d.a and c
COGSA governs the liability of ocean carriers for damage to goods while the goods are
held in storage warehouses at the seaport.
a. True
b. False
With mediation as a form of dispute resolution, the parties have a very limited degree of
control over the process.
a. True
b. False
The two principal agencies that regulate the export of goods from the U.S. are:
a. U.S. Department of Commerce, U.S. Department of State.
b. U.S. Department of Defense, U.S. Bureau of Customs and Border Protection.
c. U.S. Customs Service, Federal Trade Commission.
d. Federal Trade Commission, U.S. Department of Commerce.
Eastern Airlines contracted with Gulf Oil for a supply of jet fuel. An oil embargo
resulted in a 400 percent increase in the price of oil. Gulf demanded a price increase
from Eastern. Eastern sued to ensure its supply of oil at the contract price. The result in
court was:
a. That Eastern won because Gulf should have foreseen this situation.
b. Gulf won due to commercial impracticability.
c. That Eastern lost because a 400 percent increase is too much of a hardship for Gulf.
d. None of the above would be the court's decision in this situation.
The environmental regulations in developed economies are rationalized to protect the
global environment and encourage developing economies to enact similar
environmental laws.
a. True
b. False
The country that almost certainly has the most comprehensive set of employment
discrimination laws is:
a. Germany.
b. China.
c. Iran.
d. the United States.
TRIPS requires every member of the World Trade Organization to:
a. Abide by the Paris Convention.
b. Abide by the Berne Convention.
c. Apply national treatment to foreign owners of intellectual property rights.
d. Provide patent protection for processes.
e. All of the above.
The following elements are all considered to be key elements materially altering the
terms of an offer when included with an acceptance under the CISG except:
a. Price.
b. Place and time of delivery.
c. Specification of the ship to be used for carriage.
d. Settlement of disputes.
The Himalaya Clause governs the liability captains of carriers for damage to goods
being transported from one U.S. seaport to another U.S. seaport.
a. True
b. False
In many European countries, workers have been granted a right of consultation about or
notice before reducing the work force. The country that generally grants its workers the
most rights of participation is:
a. Great Britain.
b. France.
c. Germany.
d. Italy.
The EU Commission coordinates the following areas:
a. Fisheries.
b. Monetary affairs.
c. Social policy.
d. A, B, and C.
e. A and B only.
Suppose that an issuing bank pays on documents that are conforming to the
requirements of the letter of credit, but the seller has shipped worthless goods to the
buyer. Which of the following statements, if any, are true?
a. As long as the documents strictly comply with the letter of credit requirements, the
bank will not have to reimburse the buyer.
b. If there is fraud in the transaction, the bank will have to reimburse the buyer and seek
its remedies against the seller.
c. The strict compliance principle insulates the bank from liability, since it assures the
bank that the underlying contract between the buyer and seller is entirely independent
from the letter of credit contract.
d. A and C.
Liquidation of goods by the U.S. Bureau of Customs and Border Protection refers to:
a. The assessment of applicable duties.
b. Disposal of seized goods.
c. Confiscation of goods not allowed for import to U.S.
d. Sale of unclaimed goods.
In Dole v. Carter, the court considered Senator Robert Dole's complaint that the
president be enjoined from returning the Hungarian coronation regalia to Hungary. The
court:
a. Dismissed the case because it was not "ripe" for adjudication.
b. Enjoined the president from ordering the return of the crown until a formal treaty
could be ratified by Congress.
c. Determined that under existing protocols with Hungary, the crown could not be
returned until the year 2000.
d. Considered the executive agreement to be in accord with an earlier treaty between
Hungary and the U.S.
e. Considered the president's agreement to return the crown as validly done pursuant to
the president's inherent constitutional authority (as an "executive agreement").
quotas are imposed on a particular product regardless of origin, while quotas spread the
total limit across several specific countries.
a. Absolute; qualified
b. Global; specified
c. Absolute; allocated
d. Global; allocated
Quotas are often favored over tariffs as import restrictions because:
I. They are more flexible tools for regulating imports.
II. It is easier for government policy makers to assess the potential impact of a quota.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
The results of a mediation are not binding on either party.
a. True
b. False
The European Union's enforcement agency in antitrust matters, which is analogous to
the U.S. Federal Trade Commission and Justice Department, is the:
a. Commission of the European Union.
b. European Enforcement Agency.
c. European Antitrust Task Force.
d. None of the above.
Which of the following factors is used to determine whether dumped imports have
caused material injury to an industry?
a. the volume of the dumped imports
b. the effect of the imports on prices of like products in the domestic market
c. the impact on domestic industry
d. all of the above
Under the equal dignity rule, statutes and treaties with inconsistent provisions are
resolved under the rule that the last in time prevails.
a. True
b. False
When private property is seized gradually by a foreign government, it is known as:
a. Crawling expropriation.
b. Creeping expropriation.
c. Gradual encroachment.
d. None of the above.
A carrier is liable to the buyer of cargo for a shortage if the amount of cargo in the
container on arrival is less than that stated in the seller's commercial invoice.
a. True
b. False
Goods that may not contain any non-North American parts or materials in order to
obtain NAFTA tariff rates include:
a. Minerals mined in North America.
b. Vegetables grown in North America.
c. Live animals born and raised in North America.
d. Scrap derived from production in North America.
e. All of the above.
In China, a qualifying merger or acquisition is referred to as a:
a. concentration of businesses.
b. concentration of undertakings.
c. controlled undertaking.
d. none of the above
