Question 1

[Lambswool tax] The U.S. and Canada are members of the World Trade Organization and GATT. Frustrated by the tough competition from Canadian suppliers, Lambswool suppliers in the U.S. have pressured Congress to pass a law requiring importers to pay a tax per pound of lambswool imported to the U.S. and restricting the number of pounds of lambswool imported from specific countries, including Canada. Wholly Wool, Inc., is a Canadian company that sells lambswool that is nearly identical to lambswool produced and sold in the U.S.
-What type of trade barrier is the lambswool tax?

Accepted Answer

A)   A subsidy
B)   A quantitative restriction
C)   A quota
D)   A tariff
E)   A nontariff barrierF) C) and D)
G) A) and B)

Question 2

A(n)  ________ is considered a tax that is levied on imported goods.

Accepted Answer

A)   tariff
B)   product stamp
C)   indirect barrier
D)   embargo
E)   document passF) A) and E)
G) C) and E)

Question 3

[Pet Products] Sonya, who has a successful pet products business, is planning to expand her operations from the U.S. into Canada and perhaps Mexico. A friend of hers, Troy, told her that she should carefully investigate the laws in those countries before she proceeded. Sonya responded, however, that she was not concerned because by international treaty, and under NAFTA, so long as she is a U.S. citizen, she only has to obey the U.S. laws. Laws of other countries would not apply to her business operations. Sonya also replied that any other country would have the same contract laws as exists in the U.S. She tells him that the Uniform Commercial Code (UCC)  applies to all contracts and that as long as she has a written contract, she is covered. Sonya receives a contract from a Mexican company, signs it, drops it in the mail, and tells Troy the contract is complete.
-Is Sonya correct that her contract with the Mexican company is complete when she drops it in the mail?

Accepted Answer

A)   No, if the CISG applies.
B)   No, if the UCC applies.
C)   No, because neither the UCC nor the CISG would apply.
D)   Yes, because both the UCC and the CISG would apply.
E)   Yes, because a contract need not be in writing under the CISG.F) A) and B)
G) C) and D)

Question 4

The United States has no bilateral trade agreements.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is a characteristic of civil law?

Accepted Answer

A)   Precedent is an important source of law in the civil law system.
B)   Civil law systems use a form or system of separation of powers.
C)   The civil law procedure is like the U.S. system of checks and balances.
D)   In civil law systems the legislative branch has little authority.
E)   The judicial branch in civil law systems may create its own new law.F) B) and C)
G) A) and E)

Question 6

The United States is not a party to the Central American Free Trade Agreement.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is true regarding international organizations?

Accepted Answer

A)   The United Nations is an international organization, but the International Monetary Fund is not.
B)   The International Monetary Fund is an international organization, but neither the United Nations nor the International Bank for Reconstruction and Development (World Bank)  are international organizations.
C)   The International Bank for Reconstruction and Development (World Bank)  and the International Money Fund are international organizations, but the United Nations is not an international organization.
D)   The United Nations and the International Monetary Fund are international organizations, but the International Bank for Reconstruction and Development (World Bank)  is not.
E)   The United Nations, the International Monetary Fund, and the International Bank for Reconstruction and Development (World Bank)  are all international organizations.F) None of the above
G) A) and E)

Question 8

Which of the following refers to an agent who distributes, represents, or sells goods on behalf of a foreign seller?

Accepted Answer

A)   Export representative
B)   Import representative
C)   Foreign sales representative
D)   Foreign exportation proponent
E)   International sales and importation expertF) All of the above
G) B) and D)

Question 9

What countries are signatories to the North American Free Trade Agreement (NAFTA) ?

Accepted Answer

A)   United States and Canada only
B)   Canada and Mexico only
C)   Guatemala , Mexico and Brazil
D)   United States, Mexico and Canada
E)   United States, Costa Rica and MexicoF) All of the above
G) C) and D)

Question 10

The Convention on Contracts for the International Sale of Goods recognizes a concept by which a buyer may give notice to the seller that delivery will be accepted beyond the time prescribed in the contract. That concept is known as ________.

Accepted Answer

A)   Nachfrist
B)   Benach
C)   Offer of late performance
D)   Tender of late performance
E)   Stare decisisF) B) and D)
G) B) and C)

Exam 6: International and Comparative Law

Which of the following is true regarding international organizations?

Correct Answer
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Which of the following is a characteristic of civil law?

Correct Answer
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Correct Answer
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The Convention on Contracts for the International Sale of Goods recognizes a concept by which a buyer may give notice to the seller that delivery will be accepted beyond the time prescribed in the contract. That concept is known as ________.

Correct Answer
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The United States is not a party to the Central American Free Trade Agreement.

Correct Answer
verified

Which of the following refers to an agent who distributes, represents, or sells goods on behalf of a foreign seller?

Correct Answer
verified

The United States has no bilateral trade agreements.

Correct Answer
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What countries are signatories to the North American Free Trade Agreement (NAFTA) ?

Correct Answer
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A(n) ________ is considered a tax that is levied on imported goods.

Correct Answer
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Correct Answer
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Exam 6: International and Comparative Law

Which of the following is true regarding international organizations?

Correct AnswerverifiedShow Answer

Which of the following is a characteristic of civil law?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The Convention on Contracts for the International Sale of Goods recognizes a concept by which a buyer may give notice to the seller that delivery will be accepted beyond the time prescribed in the contract. That concept is known as ________.

Correct AnswerverifiedShow Answer

The United States is not a party to the Central American Free Trade Agreement.

Correct AnswerverifiedShow Answer

Which of the following refers to an agent who distributes, represents, or sells goods on behalf of a foreign seller?

Correct AnswerverifiedShow Answer

The United States has no bilateral trade agreements.

Correct AnswerverifiedShow Answer

What countries are signatories to the North American Free Trade Agreement (NAFTA) ?

Correct AnswerverifiedShow Answer

A(n) ________ is considered a tax that is levied on imported goods.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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