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1) The GATS provides a provision for a departure from the principle of national
treatment to ensure that direct taxes may be effectively collected on services.
2) A blocking statute makes it easier for a successful plaintiff to enforce a U.S.
judgment outside the United States.
3) A member state obligates itself upon joining the IMF to observe a code of conduct.
4) An advising bank assumes no liability for paying the letter of credit.
5) A bill of exchange is an unconditional written order.
6) Reserve currency can consist of any commodity that is easily transferable and
reasonably nonspoilable.
7) Jus cogens is a peremptory norm of general international law, recognized by the
international community of states as a norm from which no derogation is permitted.
8) The CISG requires that all contracts should be in writing.
9) Forum non conveniens is a court order directing a person not to proceed with
litigation in a foreign court.
10) The EUs freedom of movement for workers is an absolute right for all citizens in
the EU.
11) Manufacturing activities are allowed in bonded warehouses.
12) All states limit the number of permanent visas that they grant to immigrants.
13) An agent (in a host nation) of a principal is subject to the laws of the principals
country.
14) The WTO can make a decision by a vote if a consensus cannot be reached.
15) According to the law of state responsibility, the defendant can be from any state.
16) The doctrine of consideration does not apply to the CISG.
17) Gatorade is an example of a ________.
A. copyright
B. service mark
C. True trademark
D. certification mark
18) Patents differ from copyrights in that, patents ________.
A. are granted for an unlimited period of time
B. give its owner the exclusive right to use or sell a particular product
C. create perfect competition in the market
D. give its owner the pecuniary right to performance
19) Which of the following best describes an executive agreement?
A. It is a treaty or international agreement entered into by a states executive without
following the states constitutionally required ratification procedure
B. It is a treaty adopted according to the constitutional provisions of the ratifying state
C. It gives a person the right to use another persons property
D. It is a document outlining the principles, functions, and organization of a juridical
entity
20) Which of the following is the most commonly used short-term liquid instrument for
trading in the interbank market?
A. a certificate of deposit
B. a deed
C. a letter of credit
D. a check
21) Emergency trade measures imposed to protect domestic industry from a surge of
imports are called ________.
A. customs
B. tariffs
C. waivers
D. safeguards
22) Which of the following is true of the Governing Body of the ILO?
A. It functions as the legislative body of the ILO
B. It functions as the judicial body of the ILO
C. It functions as the executive body of the ILO
D. It functions as the secretariat of the ILO
23) Greenpeace and Amnesty International are examples of ________.
A. nongovernmental organizations
B. economic consultative associations
C. general intergovernmental organizations
D. special intergovernmental organizations
24) ________ is a procedure by which a buyer turns over the purchase price and the
seller turns over the securities in a securities transaction.
A. Expropriation
B. Insider trading
C. Clearance and settlement
D. Conformity assessment procedure
25) The ________ is a law enacted by the United States in 1968 that authorizes the
Securities and Exchange Commission to issue rules regulating takeover bids.
A. National Banking Act
B. Militia Act
C. Williams Act
D. Sarbanes-Oxley Act
26) Which of the following is a similarity between a qualified endorsement and an
endorsement prohibiting further endorsement under the ULB?
A. In both the endorsements, the endorsee has no rights against the endorser
B. In both the endorsements, the endorsee is considered a holder of the instrument
C. In both the endorsements, the endorsee is considered a collecting agent for the
endorser
D. In both the endorsements, the endorsee has no rights against endorser until a
stipulated condition is met
27) Which of the following statements is most likely to be true regarding the
supervision of foreign investment?
A. The foreign investor whose application has been approved by the host state is
usually subject to some time limit in which to start construction and/or begin operation
B. Very few countries require investors to submit periodic reports during the start-up
period
C. Once a foreign-owned enterprise is in full operation, it is usually not subject to
periodic monitoring
D. Investment laws usually provide that any modification to an investment agreement,
including an increase or decrease in the size or scope of a project, has to be approved by
the home state
28) Which of the following terms refers to the relinquishment of an obligation owed by
another?
A. social referencing
B. consensus
C. waiver
D. direct effect
29) Which of the following documents provided by a seller represents cost?
A. bill of lading
B. air waybill
C. invoice
D. insurance policy
30) Which of the following is a form of objection that a state can raise against
complaints brought against them?
A. expropriation
B. arraignment
C. lack of nationality
D. negligence
31) Which of the following definitions describes an aval of a bill or a note?
A. a person who has physical possession of a bill or note that is payable
B. a person who signs a bill or note as a surety and comaker
C. a person who endorses a bill or note as a guarantor of an endorsee
D. a person who signs a bill or note to lend his or her credit to another party
32) The United Nations is a type of ________.
A. transnational corporation
B. nonprofit non-governmental organization
C. intergovernmental organization
D. multinational enterprise
33) In which of the following cases can anticipatory avoidance be claimed?
A. if the buyer willingly agrees to accept nonconforming goods
B. if the seller does not get payment from the buyer
C. if the sellers only employee capable of producing the goods dies or is not available
D. if the buyer notices that the goods are defective after accepting the goods
34) Which of the following is a similarity between the Governing Body and the General
Conference of the ILO?
A. Both of them function as the secretariat of the ILO
B. Both of them have the power to adopt recommendations
C. Both of them have the power to approve conventions
D. Both of them consist of a tripartite representation of government, labor, and
employer
35) A ________ is a franchise in which a franchisee operates under the franchisors trade
name and is identified as part of the franchisors business.
A. chain-style business
B. processing plant franchise
C. manufacturing franchise
D. distributorship
36) The ________ states that once a good made or sold under license is in circulation,
the licensor has no further right to control its distribution.
A. first sale doctrine
B. common origin doctrine
C. exhaustion-of-rights doctrine
D. doctrine of exhaustion
37) Which of the following is true of the Council for Trade in Services?
A. It is meant to function within the framework of the WTO
B. It is an independent body with no direct affiliation with any other international trade
organizations
C. It develops the sectoral annexes that deal with issues unique to particular economic
sectors
D. It lays out general obligations and disciplines of member states of IMF
38) ________ is based on principles found in the Koran and related writings.
A. Jus commune
B. Corpus Juris Civilis
C. Sharia
D. Lex mercatoria
39) GATS differs from NAFTA in that GATS _______.
A. specifically defines four basic modes of supply
B. does not allow its members to make their sector list restrictive
C. does not grant non-members the right to be free from performance requirements
D. does not deal with services generally, but rather by sectors.
40) According to the par value system, every member of the IMF, on joining the Fund,
________.
A. had to implement the U.S. dollar as its international reserve currency
B. had to adopt the gold exchange rate system of monetary exchange
C. had to declare a value at which its currency could be converted into gold
D. had to define the value of their currency by any criteria except gold
41) The ability of a defendant to escape the jurisdiction of a court is known as
________.
A. jus commune
B. diplomacy
C. delict
D. immunity
42) Which of the following organizations issues bank notes and coins and regulates the
quantity of money in circulation?
A. the World Bank
B. the International Monetary Fund
C. A commercial bank
D. A central bank
43) A ________ is an association of persons or companies that are involved in a
collaboration for more than a transitory period.
A. joint venture
B. branch
C. representative office
D. subsidiary
44) What is a bearer paper?
45) Differentiate between a registered security and a bearer security.
46) Explain the Himalaya Clause.
47) What are visas? How many types of visas are allowed with respect to duration?
48) According to the 1976 U.S. Copyright Act, what are the seven categories of works
that are eligible for copyright protection?
49) Explain the IMFs conditionality requirement.
