Test #2

The most important international judicial body is the

International Court of Justice

The symbol of an approval product in Japan is the government authorized

Japan Industrial Standards Mark

How is personal jurisdiction obtained over an individual or corporate entity?

Service of process

Which of the following is not a major regulatory approach to testing, inspecting, or certification of products?

Subsequent ratification

In an admiralty case, who serves as the trier of fact?

The judge

Government procurement is

The purchase of goods and services by government agencies

__________________ risks are those risks to buyer and seller resulting from moving money and goods under an international sales contract.

Transaction

For more than 70 years, which of the following was the most important law governing the liability of air carriers for loss or damage to cargo or baggage during international shipping, and for death or bodily injury to passengers engaging in international travel?

Warsaw Convention of 1929

The US Department of Homeland Security was created as an executive department of the federal government in

2003

How many of the 100 Senators in the US Senate must vote in favor of a treaty in order for it to be approved?

67

After WWII, the legal system of China was based on what theory?

Marxism

The primary goal of the TBT Agreement is to

Minimize technical barriers to trade

A(n) is a special tariff, leveled in addition to the normal tariff, imposed on imports of subsidized goods for the purpose of offsetting the subsidy.

countervailing duty

Payment risk is also known as

credit risk

What is the term for selling products in a foreign country for less than the price charged for "like" or comparable products in the exporter's home market.

dumping

The ______________ rule means that treaties are binding on both the federal and state governments with the same force as an act of Congress.

equal dignity

The original drafters of GATT built in a mechanism, commonly called the_____________, the permits a country to temporarily be relieved from its tariff concession under certain conditions.

escape clause

Executive orders and presidential proclamations are published in the ___________________.

federal register

For most of its history, the legal system of Japan was

feudal

A _______________ is a foreign company organized under the laws of a foreign host country, but owned and controlled by the parent corporation in the home county.

foreign subsidiary

A __________________ consist of two or more countries that are party to a free trade agreement that reduces or removes trade barriers, and usually addresses other common concerns affecting trade between them.

free trade area

A ___________ is a cooperative business arrangement between two or more companies for profit.

joint venture

The power of a court to hear and decide a case is known as

jurisdiction

The principle of ______________ states the WTO member countries, in setting otherwise valid restrictions on trade, shall make them no more onerous than necessary to achieve the goals for which they were imposed.

least restrictive trade

A voluntary, nonbinding, conciliation process to resolve a dispute is known as

mediation

A _______________ is any barrier to trade, other than a tariff, that has the effect of prohibiting or discouraging imports.

nontariff barrier

A(n) is defined in the SCM Agreement as a financial contribution, including any form of income or price support, made by a government that confers a benefit domestic enterprise or industry.

subsidy

An import duty or tax imposed on goods entering the customs's territory of a nation is known as a

tariff

An import duty to tax imposed on goods entering the custom's territory of a nation is known as a

tariff

Under GATT, a ________________ is each country's promise to reduce tariffs on imports of a given item in return for from other countries.

tariff concession

Least developed countries (LDCs) are defined by the United Nations on the basis of which of the following socioeconomic criteria?

All of the above

How is "most-favored-nation trading status" granted to another country by the US?

An act of Congress

Which articles of the CISG contain provisions that assign the risk of loss?

Articles 66-70

Which of the following applies to every bill of landing for the carriage of goods by sea between a US port and a foreign port?

Carriage of Goods by Sea Act

In addition to the Uniform Commercial Code, what law governs the negotiability of bill of lading in the US?

Federal Bills of Lading Act

______________________ act as agents for shippers in contracting with air, land, or sea carriers for the transportation of goods to a place of destination.

Freight forwarders

Which clause of the US constitution ensures that judgements taken against a party by a court of competent jurisdiction in one state will be enforced by all other states?

Full Faith and Credit Clause

GATT stands for

General Agreement on Tariffs and Trade

The OECD stands for

Organization for Economic Cooperation and Development

______________ risk is generally defined as the risk to a firm's business interests resulting from political instability or civil unrest, political change, war, or terrorism in a country in which the firm is doing business.

Political

Stereotyping, in which nation are people considered confrontational, and quick to bring attorneys into a business conflict?

The United States

A treaty between two countries is

bilateral

A negotiable ocean ________________ is a document of title that an ocean carrier issues to a shipper upon receiving goods for transport.

bill of lading

Workers who become unemployed as a result of increased imports of foreign goods may be entitled to federal financial assistance, known as

trade adjustment assistance

The overwhelming volume of goods shipped overseas is shipped by which method?

water