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1) Depository receipts are non-negotiable instruments.
2) The Convention Relating to a Uniform Law on the International Sale of Goods
(ULIS) supersedes the United Nations Convention on Contracts for the International
Sale of Goods (CISG).
3) An actionable subsidy is permissible and nonchallengeable, such as government
funding to underwrite research activities, to aid disadvantaged regions, or to help
existing facilities adapt to new environmental requirements.
4) When the TRIPS Agreement came into effect, the minimum term of protection for
patents was set at 20 years for WTO member states.
5) Executive agreements are made according to the Constitutions provisions.
6) The IMF forbids member states from imposing restrictions on the payments or
transfers involving current international transactions.
7) In an in-transit contract, the risk of loss passes to the buyer at the time the contract is
concluded.
8) Bonded warehouses are intended to be places for trade and business.
9) No tariffs or duties are paid in export processing zones.
10) The doctrine of absolute sovereign immunity states that domestic courts must
decline to hear cases against foreign sovereigns out of deference to their role as
sovereigns.
11) The Bank for International Settlements does not provide bridging loans.
12) The objection that may be made to an international tribunals exercise of jurisdiction
when there is no real and bona fide relationship between the state bringing the suit and
the person on whose behalf the suit is brought is referred to as lack of standing.
13) In a letter of credit transaction, an advising bank is entitled to reimbursement from
the issuing bank if the documents it receives are in order.
14) Anticipatory avoidance cannot be claimed if the specific goods promised to the
buyer are wrongfully sold to a third party.
15) Depriving a person or company of private property without compensation is called
nationalization.
16) States are not responsible for acts done by officials contrary to express orders.
17) A countervailing measure is a duty specifically levied to offset dumping.
18) The member states of GATT 1994 owe legal obligations to the contracting parties of
GATT 1947
19) A copyright gives its owner the right to prevent others from using the idea or the
knowledge contained in the copyrighted work.
20) A(n) ________ is a domestic firm that operates internationally through independent
foreign agents.
A. national multinational enterprise
B. nonmultinational enterprise
C. international multinational enterprise
D. transnational companies
21) Which of the following is true of NAFTA members right to change the limitations
on their sectoral list?
A. They cannot make it more restrictive than it is
B. They cannot make additional changes once it has been ratified
C. They can only make it more restrictive than it is
D. They can make it either more or less restrictive than it is
22) In which of the following ways does the United Nations Framework Convention on
Climate Change distribute the burden of reducing emissions among different countries?
A. It requires industrialized nations to be more responsible in controlling greenhouse
emissions
B. It requires developing countries to take the lead in modifying long-term emission
trend
C. It requires developing countries to help other developing countries with financial and
technological help
D. It requires countries of all economic strengths to provide equal efforts in curbing
greenhouse emissions
23) ________ are laws, regulations, and administrative procedures used by states for
determining the country of origin of goods.
A. Rules of origin
B. Anti-dumping codes
C. Countervailing measures
D. Conformity assessment procedures
24) Which of the following is true of a nonmultinational enterprise and its use of
agents?
A. Its agents can only be individuals and not firms
B. Its agents are considered as subsidiaries
C. Its relationship with agents is solely governed by the laws of the parents home
country
D. Its agents have the authority to sell the parents products or services in that country
25) In an option contract, if the right is to make a sale, the option is known as a
________.
A. spread eagle
B. straddle
C. call
D. put
26) ________ is a suit in which the parties are not at odds but instead cooperate to
obtain a judgment.
A. Collusive action
B. Arbitration
C. Delict
D. Anti-suit injunction
27) ________ are geographical areas wherein goods may be imported and exported free
from customs tariffs and in which a variety of trade-related activities may be carried on.
A. Foreign priority sectors
B. Closed sectors
C. Free zones
D. Exclusive economic zones
28) A ________ is a firm that makes or assists in the making of shipping arrangements.
A. common carrier
B. freight forwarder
C. charterparty
D. free carrier
29) In October 1982, the United Nations General Assembly adopted the ________. It
states that all states have a duty to respect the essential processes of environment and
not to impair them.
A. Vienna Convention for the Protection of the Ozone Layer
B. World Charter for Nature
C. Kyoto Protocol
D. Chicago Convention on International Civil Aviation
30) Which of the following financial institutions of the World Bank provides funds to
private companies?
A. the International Development Association
B. the International Bank for Reconstruction and Development
C. the International Finance Corporation
D. the International Centre for Settlement of Investment Disputes
31) Under the Brussels Convention, which of the following claims has the highest rank?
A. Judicial costs and other expenses
B. Salvage and general average
C. Tort claims
D. Ship mortgages
32) Which of the following best describes transparency?
A. It is the making of a decision by general agreement and in the absence of any voiced
objection
B. It is the relinquishment of an obligation owed by another
C. It is a principle whereby a treaty may be invoked by a private person to challenge the
actions of a state that is a party to the treaty
D. It is a principle which states that governments must make their rules, regulations,
and practices open and accessible to the public and other governments
33) Which of the following terms refers to a charge imposed on a charterer when a
chartered ship has less than a full load?
A. demurrage
B. dead freight
C. maritime lien
D. straight bill of lading
34) According to economist John Maynard Keynes and U.S. Treasury official Harry
Dexter White, which of the following was one of the conditions that had helped to
produce and prolong the Great Depression of the 1930s?
A. the shortage of production of gold in the U.S.
B. the lack of a standard for determining the value of national currencies
C. the dereliction of the code of conduct by IMF member states
D. the lack of demand for the gold in national treasuries
35) The ________ do(es) not apply to charterparties unless a bill of lading issued by the
shipowner comes into the hands of a third party.
A. maritime lien
B. Himalaya Clause
C. Hague and Hague-Visby Rules
D. no arrival, no sale contract
36) Subway and Dunkin Donuts are examples of a ________.
A. manufacturing franchise
B. processing plant franchise
C. chain-style business
D. distributorship
37) Which of the following terms refers to the right of an author to exploit a
copyrighted work for economic gain?
A. pecuniary right
B. right of priority
C. neighboring right
D. moral right
38) A(n) ________ is a person, such as a corporate officer, director, or majority
shareholder, who has access to material nonpublic information about a company or the
securities market.
A. bona fide purchaser
B. whistle-blower
C. insider
D. boundary spanner
39) The ________ was promulgated in 1804 by Napolon.
A. jus commune
B. German Civil Code
C. French Civil Code
D. common law
40) Which of the following was a result of the Rio Declaration?
A. the establishment of the United Nations Environment Program
B. the United Nations adoption of Resolution 2389
C. the obligation on states to prepare an environmental impact assessment
D. the creation of the United Nations Conference on the Environment and Development
41) The objection that may be made to an international tribunals exercise of jurisdiction
when there is no real and bona fide relationship between the state bringing the suit and
the person on whose behalf the suit is brought is referred to as ________.
A. lack of nationality
B. lack of a genuine link
C. failure to exhaust remedies
D. lack of standing
42) Which of the following terms refers to the domestic sale of products manufactured
under a license that only grants a foreign licensee the right to sell the goods overseas?
A. gray marketing
B. patenting
C. franchising
D. cross-licensing
43) Which of the following terms refers to the exact manner in which a particular work
of authorship is set down in a tangible way?
A. expression
B. distinctiveness
C. originality
D. know-how
44) ________ are contracts that require the seller to deliver the goods to a carrier for
further transfer and do not require the seller to deliver them to a particular place.
A. Destination contracts
B. Transshipment contracts
C. In-transit contracts
D. Shipment contracts
45) An agreement to share patents and other technology is called a ________.
A. cross-licensing agreement
B. vertical competition agreement
C. patent pool
D. multiple licensing agreement
46) The ________ is a rule applied by courts on a case-by-case basis requiring them to
consider all of the circumstances in deciding whether a restrictive practice should be
prohibited as imposing an unreasonable restraint on competition in violation of
Sherman
Act Section 1 .
A. per se rule
B. choice of law rule
C. rule of reason
D. rule of reciprocity
47) Which of the following is true of the composition of the International Court of
Justice?
A. It is composed of 15 judges
B. Its judges are elected to fifteen-year terms of office
C. Its members represent their governments
D. Its judges are elected by the European Commission
48) ________ is the customs value of imported goods that is based on the price actually
paid for similar goods by unrelated persons in the importing country at about the same
time.
A. Transaction value
B. Deductive value
C. Computed value
D. Derived value
49) Which of the following best describes an economic consultative association?
A. It is a group of states that have reduced or eliminated trade barriers among
themselves but maintain their individual tariffs in dealing with other states
B. It is a group of states that exchanges information, coordinates economic policy, and
promotes trade cooperation
C. It is a business firm operating branches, subsidiaries, or joint ventures in two or more
states
D. It is a group of states that have reduced or eliminated trade barriers among
themselves and have established a common external tariff
50) The person who issues a bill of exchange is referred to as a ________.
A. payee
B. drawee
C. drawer
D. endorser
51) ________ is the power of a court to determine the ownership rights of persons as to
property located within the forum state.
A. Advisory jurisdiction
B. Personal jurisdiction
C. In personam jurisdiction
D. In rem jurisdiction
52) A ________ is a contract to hire an entire ship for a particular duration.
A. time charterparty
B. voyage charterparty
C. maritime lien
D. codicil
53) The ________ states that for a period of one year, an application for a patent in a
second member country will be treated as though it had been filed on the same date as
the application made in the first member country.
A. common origin doctrine
B. rule of reason
C. Trademark Law Treaty
D. right of priority
54) Which of the following is true of the Visa Waiver Program?
A. It allows tourists to stay in a host nation for a limited time without a visa
B. It allows tourists to stay indefinitely without a visa in a host nation
C. It allows tourists to travel without passports
D. It is a form of approval given to immigrant that has been nationalized
55) Which among the following is commonly called the civil law?
A. Sharia
B. common law
C. public law
D. the Romano-Germanic legal system
56) The ________ holds that a foreign state is immune from all types of suits.
A. act of state doctrine
B. doctrine of sovereign or state immunity
C. rule of absolute sovereign immunity
D. theory of restrictive sovereign immunity
57) A ________ is an authority granted by the owner of an intellectual property to
another allowing the latter the right to use it in some limited way.
A. trademark
B. copyright
C. license
D. patent
58) What are the criteria for evaluating a foreign investment proposal?
59) What are the different types of patents?
60) What is an endorsement? What are the different types of endorsements?
61) Explain the World Charter for Natures role in protecting natural resources.
62) What are the different types of free zones?
63) What is the difference between the Merger Rule and the Moving Boundaries Rule?
64) Enlist the organs of the United Nations.
