International Business Law
| Description: This quiz will test your knowledge of International Business Law. | |
| Number of Questions: 15 | |
| Created by: Aliensbrain Bot | |
| Tags: business law international law |
What is the primary purpose of the World Trade Organization (WTO)?
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To promote free trade among its member countries.
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To regulate the global financial system.
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To resolve disputes between member countries.
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To promote economic development in developing countries.
The WTO is an intergovernmental organization that regulates international trade. Its main purpose is to promote free trade among its member countries by reducing trade barriers such as tariffs and quotas.
Which of the following is not a principle of international trade law?
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Most-favored-nation treatment
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National treatment
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Tariff escalation
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Non-discrimination
Tariff escalation is a policy of increasing tariffs on imported goods as the value of the goods increases. This is a form of protectionism that is designed to protect domestic industries from foreign competition.
What is the purpose of a letter of credit in international trade?
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To provide a guarantee of payment to the seller.
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To provide a guarantee of delivery to the buyer.
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To facilitate the transfer of funds between the buyer and seller.
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To provide a record of the transaction.
A letter of credit is a document issued by a bank that guarantees payment to the seller of goods or services. This is a common method of payment in international trade, as it provides a secure way for the seller to receive payment even if the buyer defaults on their obligation.
What is the difference between a bill of lading and a commercial invoice?
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A bill of lading is a document that evidences the contract of carriage between the shipper and the carrier, while a commercial invoice is a document that lists the goods being shipped and their value.
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A bill of lading is a document that is used to clear goods through customs, while a commercial invoice is a document that is used to calculate duties and taxes.
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A bill of lading is a document that is used to transfer ownership of goods from the seller to the buyer, while a commercial invoice is a document that is used to record the sale of goods.
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A bill of lading is a document that is used to track the movement of goods, while a commercial invoice is a document that is used to track the payment of goods.
A bill of lading is a document that is issued by the carrier to the shipper. It evidences the contract of carriage between the shipper and the carrier and sets out the terms and conditions of the carriage. A commercial invoice is a document that is issued by the seller to the buyer. It lists the goods being shipped and their value.
What is the purpose of a certificate of origin?
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To certify that the goods being exported are of a certain quality.
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To certify that the goods being exported are not counterfeit.
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To certify that the goods being exported are not subject to any export restrictions.
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To certify that the goods being exported are eligible for preferential treatment under a trade agreement.
A certificate of origin is a document that is issued by the government of the country from which the goods are being exported. It certifies that the goods being exported are eligible for preferential treatment under a trade agreement. This can include reduced tariffs or other benefits.
What is the purpose of an export license?
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To authorize the export of goods from a country.
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To authorize the import of goods into a country.
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To regulate the export of goods from a country.
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To regulate the import of goods into a country.
An export license is a document that is issued by the government of a country to authorize the export of goods from that country. Export licenses are used to control the export of goods that are considered to be strategic or sensitive.
What is the purpose of an import license?
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To authorize the import of goods into a country.
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To authorize the export of goods from a country.
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To regulate the import of goods into a country.
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To regulate the export of goods from a country.
An import license is a document that is issued by the government of a country to authorize the import of goods into that country. Import licenses are used to control the import of goods that are considered to be strategic or sensitive.
What is the purpose of a customs duty?
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To generate revenue for the government.
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To protect domestic industries from foreign competition.
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To promote economic development.
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To regulate the import of goods into a country.
A customs duty is a tax that is levied on imported goods. The purpose of a customs duty is to generate revenue for the government. Customs duties can also be used to protect domestic industries from foreign competition or to promote economic development.
What is the purpose of a quota?
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To limit the quantity of goods that can be imported into a country.
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To limit the quantity of goods that can be exported from a country.
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To regulate the price of goods.
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To promote economic development.
A quota is a quantitative restriction on the import or export of goods. The purpose of a quota is to limit the quantity of goods that can be imported into a country. Quotas can be used to protect domestic industries from foreign competition or to promote economic development.
What is the purpose of an embargo?
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To prohibit the import of goods from a particular country.
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To prohibit the export of goods to a particular country.
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To regulate the import of goods from a particular country.
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To regulate the export of goods to a particular country.
An embargo is a trade restriction that prohibits the import of goods from a particular country. Embargoes are typically used to punish a country for its political or economic policies.
What is the purpose of a trade agreement?
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To promote free trade between two or more countries.
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To regulate trade between two or more countries.
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To promote economic development in two or more countries.
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To resolve disputes between two or more countries.
A trade agreement is an agreement between two or more countries that sets out the terms and conditions of trade between those countries. The purpose of a trade agreement is to promote free trade between the countries that are party to the agreement.
What is the purpose of the General Agreement on Tariffs and Trade (GATT)?
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To promote free trade among its member countries.
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To regulate trade among its member countries.
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To promote economic development among its member countries.
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To resolve disputes among its member countries.
The General Agreement on Tariffs and Trade (GATT) is an international agreement that sets out the rules for trade between its member countries. The purpose of the GATT is to promote free trade among its member countries by reducing tariffs and other trade barriers.
What is the purpose of the World Intellectual Property Organization (WIPO)?
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To protect intellectual property rights.
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To promote the development of intellectual property.
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To resolve disputes relating to intellectual property.
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To facilitate the transfer of intellectual property.
The World Intellectual Property Organization (WIPO) is an intergovernmental organization that promotes the protection of intellectual property rights. The purpose of WIPO is to protect intellectual property rights and to promote the development of intellectual property.
What is the purpose of the International Chamber of Commerce (ICC)?
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To promote free trade.
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To regulate trade.
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To resolve disputes.
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To facilitate business.
The International Chamber of Commerce (ICC) is a non-governmental organization that promotes free trade and facilitates business. The purpose of the ICC is to promote free trade and to facilitate business by providing a forum for businesses to discuss and resolve trade issues.
What is the purpose of the United Nations Commission on International Trade Law (UNCITRAL)?
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To promote the development of international trade law.
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To harmonize international trade law.
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To resolve disputes relating to international trade law.
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To facilitate the negotiation of international trade agreements.
The United Nations Commission on International Trade Law (UNCITRAL) is a body of experts that promotes the development of international trade law. The purpose of UNCITRAL is to promote the development of international trade law and to harmonize international trade law.