SA IBL TB8e Ch09
CHAPTER 9—GATT LAW AND THE WORLD TRADE ORGANIZATION: BASIC PRINCIPLES
TRUE/FALSE
1. The Uruguay round of tariff negotiations was the first major multilateral trade negotiating session since World War II.
ANS: F PTS: 1
2. The most common device for regulating imports is the quota.
ANS: F PTS: 1
3. Nontariff barriers are any restrictions, interference, or disincentive to trade other than tariffs.
ANS: T PTS: 1
4. Quotas serve to increase the amount of imports of a product.
ANS: F PTS: 1
5. An embargo is a complete ban on trade with a foreign nation.
ANS: T PTS: 1
6. Other examples of nontariff trade barriers include exchange control on currencies, performance standards, and foreign customs procedures.
ANS: T PTS: 1
7. When a nation's import regulations or procedures are transparent, it is difficult for foreign firms to gain entrance to its markets.
ANS: F PTS: 1
8. Usually, import restrictions that protect one sector of a country's economy will result in foreign retaliation against another sector.
ANS: T PTS: 1
9. The General Agreement on Tariffs and Trade is today the most important instrument for regulating international trade.
ANS: T PTS: 1
10. A "free trade" nation has no barriers to trade.
ANS: F PTS: 1
11. An embargo only applies to imports from a particular nation.
ANS: F PTS: 1
12. When import regulations are readily available to importers and exporters, they are considered to be transparent.
ANS: F PTS: 1
13. Although the 1947 GATT was never ratified by the U.S. Congress, it was considered legally binding in the United States under international law.
ANS: T PTS: 1
14. The 1947 GATT provided stiff penalties for the misuse of intellectual property.
ANS: F PTS: 1
15. In a tariff concession, one country promises not to levy a tariff on a given product at a level higher than agreed upon.
ANS: T PTS: 1
16. In the dispute regarding the European Union's importation of Latin American bananas, the dispute panel found no
TRUE/FALSE
1. The Uruguay round of tariff negotiations was the first major multilateral trade negotiating session since World War II.
ANS: F PTS: 1
2. The most common device for regulating imports is the quota.
ANS: F PTS: 1
3. Nontariff barriers are any restrictions, interference, or disincentive to trade other than tariffs.
ANS: T PTS: 1
4. Quotas serve to increase the amount of imports of a product.
ANS: F PTS: 1
5. An embargo is a complete ban on trade with a foreign nation.
ANS: T PTS: 1
6. Other examples of nontariff trade barriers include exchange control on currencies, performance standards, and foreign customs procedures.
ANS: T PTS: 1
7. When a nation's import regulations or procedures are transparent, it is difficult for foreign firms to gain entrance to its markets.
ANS: F PTS: 1
8. Usually, import restrictions that protect one sector of a country's economy will result in foreign retaliation against another sector.
ANS: T PTS: 1
9. The General Agreement on Tariffs and Trade is today the most important instrument for regulating international trade.
ANS: T PTS: 1
10. A "free trade" nation has no barriers to trade.
ANS: F PTS: 1
11. An embargo only applies to imports from a particular nation.
ANS: F PTS: 1
12. When import regulations are readily available to importers and exporters, they are considered to be transparent.
ANS: F PTS: 1
13. Although the 1947 GATT was never ratified by the U.S. Congress, it was considered legally binding in the United States under international law.
ANS: T PTS: 1
14. The 1947 GATT provided stiff penalties for the misuse of intellectual property.
ANS: F PTS: 1
15. In a tariff concession, one country promises not to levy a tariff on a given product at a level higher than agreed upon.
ANS: T PTS: 1
16. In the dispute regarding the European Union's importation of Latin American bananas, the dispute panel found no