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1) In the marine insurance industry, a free from particular average policy provides more
protection than a with average policy.
2) The WTOs dispute settlement process is governed by an agreement known as the
General Agreement on Tariffs and Trade.
3) Free trade areas are made up of two or more states.
4) Before an individual or business firm can seek the help of its home state in
supporting a complaint of mistreatment by a foreign state, the individual or firm must
exhaust all of the local remedies available to it within the foreign state.
5) If the injury is done directly to a state, then the objection of failure to exhaust all
remedies cannot be raised.
6) The Generalized System of Preferences, allows developing countries to export all (or
nearly all) of their products to a participating developed country on a nonreciprocal
basis.
7) The International Labor Office functions as the secretariat for the International Labor
Organization.
8) Goods do not conform to a contract if they are subject to third-party claims.
9) Sales transactions involving electricity are excluded from the CISG.
10) The ULB treats an endorsement prohibiting further endorsements as if it were a
qualified endorsement.
11) The American interpretation of the term exchange contracts excludes securities
contracts.
12) Private money is a unit of exchange issued by a government agency (such as a
treasury department) or government-controlled financial institution (such as a central
bank).
13) According to the doctrine of imputability, the state is responsible for the acts of
private persons and acts of officials of other states or international organizations.
14) The European Commission is the administrative and executive arm of the EU.
15) Investment securities come under the purview of the CISG.
16) The CISG only governs contracts of international sales.
17) Contentious jurisdiction is the power of the ICJ to give opinions about issues of
international law at the request of the United Nations or one of its specialized agencies.
18) A letter of credit is an instrument issued by a bank, or another person, at the request
of an account party.
19) General exceptions are situations that excuse a WTO member state from complying
with its GATT obligations in order for the state to protect certain essential public policy
objectives.
20) Which of the following terms refers to the assurance of a host state government that
foreign investors will be able to take out of the state both the investment capital they
brought in and the profits they earned?
A. nondiscrimination guarantee
B. repatriation guarantee
C. stabilization clause
D. appraisal right
21) The ________ included the GATT MTNs held from 1964 to 1967 that established
the practice of setting an agenda for and defining the techniques to be used during
GATT negotiations.
A. Dillon Round
B. Tokyo Round
C. Kennedy Round
D. Uruguay Round
22) A ________ is a contract to hire an entire ship for a particular voyage or for a
period of time.
A. maritime lien
B. claused bill of lading
C. straight bill of lading
D. charterparty
23) Which of the following best describes dumping?
A. It is a duty specifically levied to offset a subsidy
B. It is the relinquishment of an obligation owed by another
C. It is a financial contribution made by a government or other public body that confers
a benefit on an enterprise, a group of enterprises, or an industry
D. It is the selling of exported goods at prices below their normal value
24) The ________ is a specialized agency of the United Nations responsible for
promoting international efforts to improve working conditions, living standards, and the
equitable treatment of workers worldwide.
A. International Labor Organization
B. International Centre for Trade Union Rights
C. Fair Labor Association
D. International Labor Rights Fund
25) Which of the following terms refers to a bill of exchange on which the drawer and
the payee are the same person?
A. trade acceptance
B. deed
C. codicil
D. certificate of deposit
26) Which of the following is true of a companys agent situated in a foreign country?
A. An agent is not subject to the supervision of its parent company
B. An agents authority is equal to that of the parent company
C. An agent has to be separately incorporated in the foreign country to be considered
legal
D. An agent is not subject to the laws of the parent-nation
27) Under the ________, companies carrying on business outside the United States will
come within the subject-matter jurisdiction of an American court if their business
activity is intended to affect U.S. commerce and is not de minimis.
A. national eligibility test
B. minimum contact test
C. effects test
D. per se test
28) ________ is a per se violation, where a seller at one level sells goods to a buyer at a
different level on the condition that the latter will not resell below an agreed-upon price.
A. Group boycott
B. Vertical price fixing
C. Horizontal price fixing
D. Horizontal market division
29) The ________ doctrine states that courts should apply the law of the state where the
rights of the parties legally became effective.
A. act of state
B. vested rights
C. most significant relationship
D. governmental interest
30) IMFs Articles of Agreement establishes ________.
A. gold bullion as a standard of foreign exchange
B. gold coins as a the primary source of foreign exchange
C. SDR as the international form of currency
D. a system for currency support
31) With regard to the promise of irrevocability, the CISG differs from the UCC in that
the CISG ________.
A. requires the promise of irrevocability to be signed by both parties
B. requires the promise of irrevocability to be limited by time
C. does not require for the promise of irrevocability to be in writing
D. makes it mandatory only for the offeree, and not for the offeror, to obey the promise
of irrevocability
32) ________ jurisdiction is the power of a court or tribunal to determine the rights of a
party who appears before it.
A. Contentious
B. In personam
C. Advisory
D. In rem
33) The ________ is a court order directing a person not to proceed with litigation in a
foreign court.
A. self-judging reservation
B. forum non conveniens
C. Corpus Juris Civilis
D. anti-suit injunction
34) GATS requires its member states to ensure that their domestic regulations affecting
trade in services are administered in a reasonable, objective, and impartial manner and
as soon as the ________ adopts harmonizing guidelines in these areas, it will require
them to bring their practices into compliance with those guidelines.
A. Council for Trade-Related Aspects of Intellectual Property Rights
B. Trade Negotiations Committee
C. Council on Trade in Services
D. Council for Trade in Goods
35) The ________ has the function to oversee compliance with the 1968 Treaty on the
Non-Proliferation of Nuclear Weapons, and carrying out inspections at nuclear facilities
in nonnuclear weapons states.
A. European Organization for Nuclear Research
B. International Atomic Energy Agency
C. World Association of Nuclear Operators
D. International Energy Agency
36) Industrial property is itself divided into two categories: inventions and ________.
A. trademarks
B. pecuniary rights
C. service marks
D. artistic property
37) The remedy of sending out a notification by a party that he or she is canceling a
contract and returning everything already received would constitute a(n) ________.
A. avoidance
B. counteroffer
C. revocation
D. replevin
38) The ________ consists of the criteria that allow a court to assume criminal
jurisdiction if the offense is one recognized by the international community as being of
world-wide concern, including piracy, slave trade, attacks on or the hijacking of aircraft,
genocide, war crimes, and crimes against humanity.
A. territoriality nexus
B. nationality nexus
C. protective nexus
D. universality nexus
39) The objection of lack of nationality prevents states from sponsoring ________.
A. its nationals
B. aliens
C. corporations
D. people with dual citizenships
40) A treaty that requires state parties to enact enabling legislation before it becomes
effective domestically is known as a ________ treaty.
A. bilateral
B. dispositive
C. constitutional
D. non-self-executing
41) ________ is the power of the ICJ to give opinions about issues of international law
at the request of the United Nations or one of its specialized agencies.
A. In personam jurisdiction
B. Personal jurisdiction
C. Advisory jurisdiction
D. In rem jurisdiction
42) In municipal law, the right of a government to take property for public purposes is
known as ________.
A. jus commune
B. estoppel
C. arraignment
D. eminent domain
43) In 1968, the Council of Ministers enacted ________ to implement the EC Treaty
Provisions on the free movement of workers.
A. Directive 68/360
B. Regulation 161/68
C. the Convention Concerning Freedom of Association
D. the Convention Concerning the Application of the Principles of the Right to
Organize and to Bargain Collectively
44) A(n) ________ authorizes a third party to use a copyrighted work for a fee
stipulated in the statute.
A. compulsory copyright license
B. compulsory license
C. exclusive license
D. statutory copyright license
45) The Concessional IMF Facility is designed ________.
A. to help countries address short-term balance-of-payments problems
B. for providing bridging loans to member states while the IMF deliberates about
whether to provide other funds to the particular member state
C. for low-income member countries with protracted balance-of-payment problems
D. to help a country deal with a temporary depletion of its foreign exchange reserves
due to a natural disaster
46) The largest free zones are called ________.
A. free trade areas
B. free cities
C. free trade zones
D. subzones
47) Which of the following characterizes arbitration?
A. It is the liability of a state for the injuries that it causes to foreign persons
B. It is the process by which parties to a dispute submit their differences to the
judgment of an impartial third person or group selected by mutual consent
C. It is the basic rights intended to protect all people from cruel and inhumane
treatment, threats to their lives, and persecution
D. It is justice applied in circumstances not covered by rules of law
48) Once a particular kind of activity is classified as a ________violation, the courts do
not apply the case-by-case rule of reason analysis but proceed directly to a
consideration of the appropriate remedy in the particular case.
A. rule of reason
B. per se
C. consent decree
D. Noerr doctrine
49) Which of the following is true of corporations and companies being treated as
separate legal entities?
A. The owners are obligated to make all decisions on behalf of the company
B. The rights and benefits accruing to the company belong to its owners
C. The liability of the owners becomes limited to their investment in their company
D. The owners are obligated to pay the companys debts from their personal estates if
necessary
50) Which of the following describes a spot contract?
A. a contract that creates the rightbut not the obligationto buy or sell a specific amount
of a commodity at a fixed price within an agreed-upon period of time
B. a contract in which a commodity is presently sold and the price is presently paid but
delivery is, by agreement, delayed to a later date
C. a contract for the immediate sale and delivery of a commodity, such as a currency
D. a promise to buy or sell a commodity for a specified price, with both delivery and
payment to be made at a specified future date
51) Which of the following is true of closed sectors?
A. They limit the percentage of foreign investment
B. They are not open to foreign investors
C. They have the highest tax rates
D. They are usually present in developing countries
52) The principle that an obligation to pay a particular sum of money is fixed and does
not change even if the purchasing power or foreign exchange rate of the money does
change is known as ________.
A. the choice-of-law rule
B. centrism
C. nominalism
D. the stabilization clause
53) What are the various functions of the Council of the European Union?
54) Differentiate between particular average and general average.
55) Explain the Wassenaar Arrangement.
56) Discuss the importance of the separate legal identity of juridical entities in business.
57) Differentiate between a straight bill of lading and an order bill of lading.
58) What was the significance of the Uruguay Round of the GATT?
59) Describe the unconditionality feature of a bill or note.
