Question 1

Although the 1947 GATT was never ratified by the U.S.Congress,it was considered legally binding in the United States under international law.

Accepted Answer

A) True 
 B)False

Question 2

Tariff concessions under GATT are recorded in tariff schedules,which are detailed product-by-product listings of all tariff obligations for that nation.

Accepted Answer

A) True 
 B)False

Question 3

All of the following are basic principles of GATT except:

Accepted Answer

A)   Commitment to normal trade relations.
B)   Elimination of import quotas.
C)   Non-reciprocal tariff increases.
D)   Non-discrimination against imported goods.

Question 4

In order to convene a WTO panel,the complaining country must prove it has a "legal interest" in the case.

Accepted Answer

A) True 
 B)False

Question 5

Usually,import restrictions that protect one sector of a country's economy will result in foreign retaliation against another sector.

Accepted Answer

A) True 
 B)False

Question 6

What are the similarities and differences between the GATT and WTO dispute resolution procedures?

Accepted Answer

The General Agreement on Tariffs and Tra...

Question 7

According to GATT,quotas are considered acceptable devises for regulating trade only where:

Accepted Answer

A)   A nation is imposing a temporary safeguard to protect its balance of payments.
B)   They are enacted into law by a nation's legislative body.
C)   Nations are engaged in a trade war.
D)   A nation has first petitioned the United Nations for permission to do so.

Question 8

The U.S.Department of Defense needs to buy several million dollars worth of tires for its armored personnel carriers.An American manufacturer can supply the tires for $20 million.A foreign supplier can provide the tires for $15 million.Under these facts:

Accepted Answer

A)   GATT requires that the tires be bought from the foreign supplier.
B)   A U.S. statute requires that the government buy from the U.S. supplier.
C)   Since the foreign supplier is cheaper, the government must buy from the foreign supplier to save money.
D)   None of the above is correct.

Question 9

Compare and contrast direct and indirect nontariff barriers.

Accepted Answer

Direct nontariff barriers refer to speci...

Question 10

Countries A,B,and C belong to GATT.Countries X and Y do not.A has a 7% tariff on televisions from B.C,X,and Y also export televisions.Under unconditional most-favored-nation trade of GATT:

Accepted Answer

A)   Countries C, X, and Y are entitled to a 7% tariff on televisions.
B)   Countries X and Y are entitled to a 7% tariff on televisions.
C)   Country C must petition A under GATT to get a 7% tariff on televisions.
D)   Country C gets an automatic 7% tariff rate on televisions.

Question 11

A tariff is:

Accepted Answer

A)   An import duty.
B)   A tax levied on goods being brought into a country.
C)   A ban on trade with a foreign nation.
D)   Both A and B.

Question 12

Compare and contrast Japan's former Large-Scale Retail Stores Law with its present Large-Scale Retail Store Location Law.

Accepted Answer

The former Large-Scale Retail Stores Law...

Question 13

Tariffs are computed:
I. As a percentage of value (ad valorem) .
II. On the basis of physical units (specific) .

Accepted Answer

A)   I only.
B)   II only.
C)   Both I and II.
D)   Neither I nor II.

Question 14

For the most part,trade in textiles and services are not regulated by the GATT system.

Accepted Answer

A) True 
 B)False

Question 15

Tariffs serve all of the following purposes except:

Accepted Answer

A)   Collection of revenue.
B)   Enhancement of flow of commerce.
C)   Regulation of import competition.
D)   Protection of the national defense.

Question 16

Due to GATT's prohibition of quotas,a nation may not impose quotas to safeguard its external financial position and its balance of payments.

Accepted Answer

A) True 
 B)False

Question 17

The term used to describe some action taken by a GATT member country in violation of the GATT agreement is:

Accepted Answer

A)   Null and void.
B)   Unfair and inequitable.
C)   Persona non grata.
D)   Nullification and impairment.

Question 18

In what ways are GATT and the WTO similar? Different?

Accepted Answer

GATT (General Agreement on Tariffs and T...

Question 19

Explain the similarities and differences between "like products" and "directly competitive products."

Accepted Answer

"Like products" and "directly competitiv...

Question 20

Draft a document advocating for the elimination of normal trade relations status against countries involved in human rights abuses.

Accepted Answer

Draft Document: Advocating for the Elimi...

Exam 9: Gatt Law and the World Trade Organization: Basic Principles

The term used to describe some action taken by a GATT member country in violation of the GATT agreement is:

Correct AnswerverifiedShow Answer

Usually,import restrictions that protect one sector of a country's economy will result in foreign retaliation against another sector.

Correct AnswerverifiedShow Answer

Tariffs serve all of the following purposes except:

Correct AnswerverifiedShow Answer

The U.S.Department of Defense needs to buy several million dollars worth of tires for its armored personnel carriers.An American manufacturer can supply the tires for $20 million.A foreign supplier can provide the tires for $15 million.Under these facts:

Correct AnswerverifiedShow Answer

What are the similarities and differences between the GATT and WTO dispute resolution procedures?

Correct AnswerAnswered by ExamLex AIThe General Agreement on Tariffs and Tra...View AnswerShow Answer

Explain the similarities and differences between "like products" and "directly competitive products."

Correct AnswerAnswered by ExamLex AI"Like products" and "directly competitiv...View AnswerShow Answer

Compare and contrast Japan's former Large-Scale Retail Stores Law with its present Large-Scale Retail Store Location Law.

Correct AnswerAnswered by ExamLex AIThe former Large-Scale Retail Stores Law...View AnswerShow Answer

Countries A,B,and C belong to GATT.Countries X and Y do not.A has a 7% tariff on televisions from B.C,X,and Y also export televisions.Under unconditional most-favored-nation trade of GATT:

Correct AnswerverifiedShow Answer

In order to convene a WTO panel,the complaining country must prove it has a "legal interest" in the case.

Correct AnswerverifiedShow Answer

A tariff is:

Correct AnswerverifiedShow Answer

All of the following are basic principles of GATT except:

Correct AnswerverifiedShow Answer

For the most part,trade in textiles and services are not regulated by the GATT system.

Correct AnswerverifiedShow Answer

Tariff concessions under GATT are recorded in tariff schedules,which are detailed product-by-product listings of all tariff obligations for that nation.

Correct AnswerverifiedShow Answer

Tariffs are computed: I. As a percentage of value (ad valorem) . II. On the basis of physical units (specific) .

Correct AnswerverifiedShow Answer

Due to GATT's prohibition of quotas,a nation may not impose quotas to safeguard its external financial position and its balance of payments.

Correct AnswerverifiedShow Answer

According to GATT,quotas are considered acceptable devises for regulating trade only where:

Correct AnswerverifiedShow Answer

Compare and contrast direct and indirect nontariff barriers.

Correct AnswerAnswered by ExamLex AIDirect nontariff barriers refer to speci...View AnswerShow Answer

Although the 1947 GATT was never ratified by the U.S.Congress,it was considered legally binding in the United States under international law.

Correct AnswerverifiedShow Answer

Draft a document advocating for the elimination of normal trade relations status against countries involved in human rights abuses.

Correct AnswerAnswered by ExamLex AIDraft Document: Advocating for the Elimi...View AnswerShow Answer

In what ways are GATT and the WTO similar? Different?

Correct AnswerAnswered by ExamLex AIGATT (General Agreement on Tariffs and T...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
Answered by ExamLex AI
The General Agreement on Tariffs and Tra...
View Answer

Correct Answer
Answered by ExamLex AI
"Like products" and "directly competitiv...
View Answer

Correct Answer
Answered by ExamLex AI
The former Large-Scale Retail Stores Law...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
Answered by ExamLex AI
Direct nontariff barriers refer to speci...
View Answer

Correct Answer
verified

Correct Answer
Answered by ExamLex AI
Draft Document: Advocating for the Elimi...
View Answer

Correct Answer
Answered by ExamLex AI
GATT (General Agreement on Tariffs and T...
View Answer