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Tariffication is the process in which quotes, licensing schemes, and other nontariff
barriers to trade are "converted" to tariffs.
a. True
b. False
Answer:
Tariffs on imported products are imposed for which of the following reasons:
a. Collection of revenue.
b. Protection of domestic industries.
c. To assert political objectives.
d. All of the above.
Answer:
Harmonized tariff schedules break down product classifications into:
a. 6 digits.
b. 8 digits.
c. 10 digits.
d. 12 digits.
Answer:
In the United States, technical regulations and product standards can be set by:
a. The Department of Agriculture.
b. The Consumer Product Safety Commission.
c. The Food and Drug Administration.
d. The Department of Transportation.
e. All of the above.
Answer:
After many years of work by the European Union Commission, most European
countries have agreed on similar standards for consumer products.
a. True
b. False
Answer:
The perils clause in a marine insurance contract covers which of the following:
a. Explosion.
b. Pilferage.
c. Acts of war.
d. Jettison of the cargo during a storm.
Answer:
An unsafe labor condition that is common in many emerging nations is:
a. blocked or locked exits.
b. the use of antiquated and poorly maintained equipment.
c. excessively long hours.
d. all of the above
Answer:
Due to Japanese culture, the income differentiation between management and labor is
Western cultures.
a. far greater than
b. about equal to
c. not nearly as great as in
d. non-existent as compared to
Answer:
Customs rules and duty assessment rates are uniform throughout NAFTA.
a. True
b. False
Answer:
The Convention on Contracts for the International Sale of Goods (CISG) was
developed to give U.S. business an advantage in international sales contracts.
a. True
b. False
Answer:
There is a uniform commercial body of law adopted by the United Nations governing
all private international law questions.
a. True
b. False
Answer:
Mexico's marking and labeling requirements are very easy to comply with and help
promote trade with both the U.S. and Canada.
a. True
b. False
Answer:
The U.S. countervailing duty statute requires that the International Trade Commission
determine the fair market price of the imported product in the country of origin.
a. True
b. False
Answer:
IPRs include patents, trademarks, and copyright, but not trade secrets.
a. True
b. False
Answer:
Consequential money damages for breach of a sales contract may also include an
amount for lost profits arising as a reasonably foreseeable loss due to the breach.
a. True
b. False
Answer:
During the 1980s, the U.S. Justice Department took the offensive and aggressively
enforced American antitrust laws in order to signal to the business community that any
transactions that in violation of antitrust laws would be prosecuted.
a. True
b. False
Answer:
Virtually all nations provide import protection for domestic agricultural interests:
I. And the GATT Agreement specifically prohibits such protection with no exceptions.
II. And this problem exists because nations try to provide market stability and
protection for farmers.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
Answer:
Negotiable instruments are unconditional promises to pay.
a. True
b. False
Answer:
