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1) The Overseas Private Investment Corporation (OPIC) only operates as an insuring
agency for companies investing in less developed countries.
2) Article 82 of the European Community Treaty does not have an exception clause.
3) The president of the Bank for International Settlements nominates its general
manager.
4) With regards to trade prohibitions, Article 81 of the European Community Treaty is
analogous to Section 2 of the Clayton Act.
5) The Zangger Committee is also known as Non-Proliferation Treaty Exporters
Committee.
6) The American antitrust laws authorize a court to assume personal jurisdiction if a
defendant has the contacts specified by Section 12 of the Clayton Act.
7) The term lex mercatoria refers to the principles of law common to the worlds legal
systems.
8) The Permanent Court of International Justice replaced the International Court of
Justice.
9) Each member of the Missile Technology Control Regime administers its
missile-related export controls independently.
10) If a company issues depository receipts, then the corresponding shares need to be
sent abroad.
11) The Japanese Civil Code uses the concept of strict liability for imposing liability for
defective products.
12) A juridical person is a human being.
13) The Security Council has 15 permanent member states.
14) A pecuniary right is the right of an author to exploit a copyrighted work for
economic gain.
15) Barter is an example of a countertrade.
16) The term safeguard refers to the relinquishment of an obligation owed by another.
17) Mediation involves the use of a third party who transmits and interprets the
proposals of the principal parties and sometimes advances independent proposals.
18) The currency exchange system established by the IMF at its inception was known
as the gold bullion standard.
19) A bond is an equity security.
20) Setting up a subsidiary can benefit a multinational firm because the subsidiarys
company status insulates the parent from unlimited liability.
21) Which of the following is true of inquiry?
A. It focuses only on a particular incident
B. It tries to resolve an entire dispute
C. It involves mediators who offer good offices
D. It involves conciliation among mediators
22) Which of the following is true of a juridical person?
A. It is a human being
B. It makes decisions through agents
C. It is an illegal entity
D. It can neither sue nor be sued
23) The trade term ________ is used when the seller fulfills his obligations to deliver
by making the goods available at his premises.
A. freight forwarder
B. free alongside
C. ex works
D. dead freight
24) ________ of the EC Treaty grants the EU Council the power to adopt such
measures in the field of social security as are necessary to provide freedom of
movement for workers.
A. Article 42
B. Article 39
C. Article 39(2)
D. Article 40
25) The ________ is the exclusive right of an author to make multiple copies of a
copyrighted work.
A. right of reproduction
B. right of exhibition
C. neighboring right
D. moral right
26) The Framework Agreement has a provision that authorizes an exception to the MFN
treatment rule when the difference in treatment is the result of ________.
A. a member granting monopoly status to a service supplier
B. an agreement for the avoidance of double taxation
C. adopting the guidelines specified by the Council on Trade in Services
D. a member retaining restrictive laws governing services
27) ________ is a peremptory norm of general international law, recognized by the
international community of states as a norm from which no derogation is permitted.
A. Public law
B. Jus commune
C. Jus cogens
D. Civil law
28) A ________ is a mark or symbol used to identify goods of a particular manufacturer
or merchant.
A. certification mark
B. True trademark
C. watermark
D. copyright
29) Which of the following are issued by the ILO to solve those problems that have no
consensus or when the subject matter is too complex?
A. supplementations
B. justifications
C. recommendations
D. conventions
30) The process by which an impartial third party makes an investigation to determine
the facts underlying a dispute without resolving the dispute itself is called ________.
A. mediation
B. negotiation
C. inquiry
D. conciliation
31) A ________ is a group of states that have reduced or eliminated tariffs among
themselves and have also established a common external tariff.
A. customs union
B. free trade area
C. Harmonized System
D. Wassenaar Arrangement
32) The Framework Agreement covers all trade in services in any sector except those
________.
A. delivered in businesses involving international trade
B. supplied in the exercise of governmental functions
C. rendered in any bank related transactions
D. provided by private businesses within a country
33) A ________ is an agreement that a technology licensee will transfer to the licensor
any improvements, inventions, or know-how it acquires while using the technology.
A. noncompetition clause
B. grant-back provision
C. tying clause
D. cartel
34) A with average policy contains a ________ that provides for payment only if the
loss exceeds a specified minimum amount.
A. Himalaya Clause
B. franchise clause
C. constructive loss clause
D. loss payee clause
35) A(n) ________ is a proposal addressed to specific persons indicating an intention
by the person making the proposal to be bound to the sale or purchase of particular
goods for a price.
A. agreement
B. advertisement
C. revocation
D. offer
36) ________ is the law and court with jurisdiction over maritime affairs in general.
A. Equity
B. Public law
C. Common law
D. Admiralty
37) ________ is bringing about a peaceful settlement or compromise between parties to
a dispute through the benevolent intervention of an impartial third party.
A. Mediation
B. Inquiry
C. Litigation
D. Negotiation
38) Which of the following is a function of the European Council?
A. It is responsible for overseeing the implementation of the treaties that establish the
EU
B. It coordinates the economic policies of the member states
C. It acts as the principal initiator of overall policy for the EU
D. It represents the EU internationally
39) Which of the following is true of American anti-trust laws?
A. It does not require the defendant to have personal jurisdiction
B. It is not affected by the long arm statute
C. It can only award treble charges in cases involving the government
D. It can be applied only when the court has subject-matter jurisdiction
40) The ________ holds that a state has to respond to a suit brought against it before the
ICJ only to the extent to which the state bringing the suit has also accepted the
jurisdiction of this court.
A. vested rights doctrine
B. rule of reciprocity
C. public trust doctrine
D. choice of law clause
41) Constitutional and administrative law is called the ________.
A. common law
B. public law
C. civil law
D. Sharia
42) The ________ included the GATT MTNs held from 1973 to 1979 that produced six
nontariff codes.
A. Dillon Round
B. Tokyo Round
C. Kennedy Round
D. Uruguay Round
43) Which of the following meetings was instrumental in the creation of the
International Monetary Fund?
A. the Potsdam Conference
B. the Solvay Conference
C. the Bretton Woods Conference
D. the Second Quebec Conference
44) The ________ is a multilateral agreement that set out the rules under which the
contracting states parties were committed to negotiate reductions in customs tariffs and
other impediments to international trade in goods.
A. Agreement on Preshipment Inspection
B. General Agreement on Tariffs and Trade
C. Agreement on Safeguards
D. Wassenaar Arrangement
45) The ________ is the exporting states parties to the Treaty on Non- Proliferation of
Nuclear Weapons that seek to harmonize their interpretations of the treatys
export-control provision.
A. Australia Group
B. Zangger Committee
C. Nuclear Suppliers Group
D. Harmonized System
46) The IMF Agreement grants to the ________ of the Fund the authority to interpret
the provisions of the Agreement.
A. Board of Governors
B. Executive Board
C. members
D. Central Council
47) Sectoral agreements of the WTO deal with ________.
A. technical barriers to trade
B. customs valuation
C. textiles and clothing
D. import-licensing procedures
48) ________ is the right of an author to communicate a copyrighted work to the
public.
A. Property right
B. Neighboring right
C. Right of performance
D. Right of reproduction
49) Which of the following best describes an order bill of lading?
A. It is a bill of lading that is negotiable
B. It is a bill of lading indicating that the goods have been properly loaded on board the
carriers ship
C. It is a bill of lading indicating that some discrepancy exists between the goods
loaded and the goods listed on the bill
D. It is a bill of lading issued to a named consignee that is not negotiable
50) Which of the following is true of the IMFs SDR?
A. It cannot be added to the member states foreign currency
B. Its value is set daily using a set of four major currencies
C. All the four currencies are given equal weight while determining the value of the
SDR
D. One of the currencies used for calculating the value of SDR is Russian Ruble
51) The ________ is a GATT scheme that allows a developing state to obtain tariff
concessions from a developed state on a nonreciprocal basis.
A. National treatment rule
B. Generalized System of Preferences
C. South-South Preferences
D. Escape clause
52) To determine if CISG applies to a particular contractual issue, one must look to the
convention itself. If the convention does apply, domestic law is preempted. This means
that ________.
A. the case will be handled by the WTO
B. the remedies provided in CISG are the only remedies available
C. the domestic law will take precedence over the CISG
D. both domestic and the CISG laws are applied together
53) Which of the following terms refers to a charge made by a shipowner when a
charterer keeps a ship idle for more than the agreed-upon number of lay days?
A. claused bill of lading
B. dead freight
C. demurrage
D. clean bill of lading
54) ________ is a type of countertrade in which a foreign supplier employs a processor
to process raw materials that the processor cannot afford to purchase. The supplier then
sells the processed goods to a third party to pay for the processing.
A. Buyback
B. Offset
C. Swap
D. Tolling
55) ________ is the transfer of multiple statutory rights under a single license.
A. Package licensing
B. Compulsory licensing
C. Exclusive licensing
D. Statutory copyright licensing
56) Under common law, a person who acquires a bill or note for value, in good faith,
and without notice that it is defective, overdue, or that any person has a claim to or
defense against it is referred to as a(n) ________.
A. holder in due course
B. accommodation endorser
C. aval
D. acceptor
57) Which of the following would be a valid reason for the parent company to convert a
branch into a locally organized subsidiary?
A. to insulate the parent company from local liability
B. to remove the separate legal entity status of the branch
C. to bring it under even stricter supervision of the parent company
D. to decrease local participation in the branch
58) The trade term ________ is used when the seller fulfills his obligations to deliver
the goods passed over the ships rail at the named port of shipment.
A. free on board
B. freight forwarder
C. common carrier
D. dead freight
59) Which of the following would be categorized under the sectoral approach of
regulating pollution?
A. combating global warming
B. safe removal of toxic wastes
C. controlling radioactive contamination
D. supervising the use of fissionable materials
60) A round is a meeting of the contracting parties of GATT to participate in ________.
A. a Harmonized System
B. multilateral trade negotiations
C. commodity arrangements
D. the Wassenaar Arrangement
61) What are the different types of franchise?
62) Explain the procedure for settling disputes between ILO members.
63) Explain the objection of lack of standing used for cases in international tribunals.
64) Differentiate between good offices and conciliation.
65) Explain appraisal rights.
66) What is a subsidy? What are the different types of subsidies?
67) What is a charterparty?
68) What are the different types of monies that are required in an international
transaction?
69) What constitutes a denial of justice?
70) Enlist the five main organs of the WTO.
