Law Exam 2 Good One

World Bank and International Monetary Fund are the same thing? t/f

False

The Treaty of Rome 1958 established the World Bank and International Monetary Fund. t/f

False

T/F The correct name of the World Bank is the International Bank for Reconstruction and Development. t/f

True

The Treaty on European Union is the Treaty of Maastricht. t/f

True

Uruguay, round agreement are responsible for creating the World Trade Organization. t/f

True

GATT was the precursor to the world trade organization

True

T/F GATT was created by the Bretton Woods Conference

False

The World Trade Organization has a dispute settlement body.t/f

true

T/F The dispute settlement body encourages unilateral sanctions and trade wars. T/f

False

Most favored nation status means all countries grant each other equal treatment. t/f

True

China has not garnered most favored nation status from the United States.t/f

False

The European Union created a common labor market. t/f

True

T/F The North American Free Trade Agreement (NAFTA) created a common labor market. t/f

False

There was no such thing as the United States-Canada Free Trade Agreement. t/f

False

The oil producing export countries (OPEC) is an example of a cartel. t/f

True

Special drawing rights are assoicated with the world trade organization. t/f

False

Special drawing rights are assoicated with the international monetary funds. t/f

true

Distributor takes title to goods and bears financial and commercial risks for subsequent sale. t/f

True

Licensor transfers technical rights in product to be produced by different business for royaltie

True

$ 482 of IRC allows IRS to reallocate income between a parent co & it's foreign subsidiary.

True

Tariff Act of 1930 allows IRS to reallocate income between a parent co & foreign subsidiary.

False

Tariff Act of 1930 prevents import of foreign-made goods w/US trademark in US(no consent)

True

T/F The answer to Q22 above is what is known as a "Black Market" good

False

The answer to Q22 above is what is known as a "Gray Market" good.

True

Counterfeit goods can be stopped by seeking an injunction, damages, court costs & atty fee

True

Secrecy laws challenge the legitimacy of a foreign court order.

False

Secrecy laws prohibit disclosure, inspect, remove docs in enacting country from foreign crt.

False

Blocking laws say that confidentiality laws apply to home country's banks (no ID customers).

False

Blocking laws help fight organized crime in the United States.

False

A tariff barrier is a "duty" or tax placed on goods moving into or out of a country.

True

An example of a nontariff barrier would be a quota.

True

Export controls are an instrument of foreign policy.

True

A country tries to restrain foreign imports with a nontariff barrier.

False

T/F Antidumping cases ITA investigates < FMV sales (i.e. the policeman).

True

Antidumping cases ITC investigates if an injury to a domestic industry (the prosecutor).

True

For remedial action you need only one finding, either sales at < FMV or an injury to US co.

False

You appeal a negative ITA/ITC decision to the Court of International Trade.

True

You appeal a negative ITA/ITC decision to WTO Dispute Settlement Body.

False

You appeal the answer from Q 37/38 to the US Court of Appeals for the Federal Circuit.

True

You appeal the answer from Q 39 to the US Supreme Court who must hear the case.

False

ITA/ITC Subsidized Goods, if goods in US sold < FMV place a countervailing duty on them

True

T/F Omnibus Trade & Competitiveness Act retaliates aga discriminatory acts of foreign country

True

The OTCA (Q 43 above) has Super $ 301 Authority.

True

ITA/ITC Suspension Agreement price revised to eliminate < FMV sales

True

The OTCA (Q 43 above) is enforced by the Department of Commerce.

True

Goal of the Omnibus Trade and Competitiveness Act of 1988, open markets/liberate trade

True

Expropriation is nationalization of an industry by the home country (US co's assets taken).

True

One way to avoid expropriation is to buy commercial insurance.

True

If you can't buy commercial insurance go to the EXIMBANK for help.

False

T/F Avoid expropriation by going to the Overseas Private Investment Corporation (OPIC).

True

OPIC is a US agency under the control of the US Secretary of State.

True

EXIMBANK > exports provides dollar credits to foreign importers for purchasing US goods

True

NATO is only an intergovernmental organization.

False

NATO is not both an intergovernmental organization and an intergovernmental military org

False

NATO came into existence via the Treaty of Maastricht

False

Sets interest rates

European Central Bank

Transparency and accountability in revenue collection.

European Court of Auditors

Common Currency (euro)

European Central Bank

Head of state from each member state

European Council

Deputies elected by member states

European Parliament

Adjudicates claims and conflicts among member governments.

European Court of Justice

Controls money supply

European Central Bank

Manages the EU's budget

European Commission

Consists of former Council of Ministers (Cabinet Ministers).

Council on European Union

Propose new laws and oversee treaties.

European Commission

Approves the EU's budget

European Parliament

Is analogous to the IRS in the American system of government.

European Court of Auditors

Is analogous to the Federal Reserve in the American system of government.

European Central Bank

Is analogous to Congress in the American system of government.

European Parliament

Handles cases between individual citizens and its decisions are binding.

European Court of Justice

754 deputies

European Parliament

17 member countries participate in this branch of the European Union.

European Central Bank

27 judges participate in this branch of the European Union.

European Court of Justice

This branch can overturn the decisions of the European Commission.

European Parliament

When Britain left the EU then Prime Minister Liz Truss is not a member of this branch.

European Council

Antonio Guterras.

Secretariat

Judicial organ of the UN

International Court of Justice

Supervise administration of territories that have not achieved self-rule.

Trusteeship Council

Main deliberative body.

General Assembly

Five permanent members with veto powers.

Security Council

human rights

Economic and Social Council

Deals with threats to international peace and security.

Security Council

Resolutions passed are only recommendations.

General Assembly

Suspended in 1994.

Trusteeship Council

International civil servants who perform administrative duties.

Secretariat

Members elected for staggered three-year terms by the General Assembly.

Economic and Social Council

Resolve disputes between states, jurisdiction based on consent of disputants.

International Court of Justice

Ten non-permanent members are also members of this body.

Security Council

One nation-one vote.

General Assembly

Issues non-binding advisory opinions.

International Court of Justice

There are 15 members in this body.

International Court of Justice

There are 0 members in this body.

Trusteeship Council

There are 54 members in this body.

Economic and Social Council

Japan is upset that it is not a permanent member of this body.

Security Council

Important questions require a 2/3 majority vote in this body.

General Assembly

UN Monetary and Financial Conference at Bretton Woods, N.H. (2 poss. Answers)

International Monetary Fund

Has elected deputies

European Union

The Marshall Plan

NATO

Euratom

European Atomic Energy Community

Preceded by General Agreement on Tariffs and Trade

World Trade Organization