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International Business Law

This quiz will test your knowledge of International Business Law.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

What is the primary purpose of the World Trade Organization (WTO)?

  1. To promote free trade among its member countries.
  2. To regulate the global financial system.
  3. To resolve disputes between member countries.
  4. To promote economic development in developing countries.
Question 2 Multiple Choice (Single Answer)

Which of the following is not a principle of international trade law?

  1. Most-favored-nation treatment
  2. National treatment
  3. Tariff escalation
  4. Non-discrimination
Question 3 Multiple Choice (Single Answer)

What is the purpose of a letter of credit in international trade?

  1. To provide a guarantee of payment to the seller.
  2. To provide a guarantee of delivery to the buyer.
  3. To facilitate the transfer of funds between the buyer and seller.
  4. To provide a record of the transaction.
Question 4 Multiple Choice (Single Answer)

What is the difference between a bill of lading and a commercial invoice?

  1. 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.
  2. 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.
  3. 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.
  4. 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.
Question 5 Multiple Choice (Single Answer)

What is the purpose of a certificate of origin?

  1. To certify that the goods being exported are of a certain quality.
  2. To certify that the goods being exported are not counterfeit.
  3. To certify that the goods being exported are not subject to any export restrictions.
  4. To certify that the goods being exported are eligible for preferential treatment under a trade agreement.
Question 6 Multiple Choice (Single Answer)

What is the purpose of an export license?

  1. To authorize the export of goods from a country.
  2. To authorize the import of goods into a country.
  3. To regulate the export of goods from a country.
  4. To regulate the import of goods into a country.
Question 7 Multiple Choice (Single Answer)

What is the purpose of an import license?

  1. To authorize the import of goods into a country.
  2. To authorize the export of goods from a country.
  3. To regulate the import of goods into a country.
  4. To regulate the export of goods from a country.
Question 8 Multiple Choice (Single Answer)

What is the purpose of a customs duty?

  1. To generate revenue for the government.
  2. To protect domestic industries from foreign competition.
  3. To promote economic development.
  4. To regulate the import of goods into a country.
Question 9 Multiple Choice (Single Answer)

What is the purpose of a quota?

  1. To limit the quantity of goods that can be imported into a country.
  2. To limit the quantity of goods that can be exported from a country.
  3. To regulate the price of goods.
  4. To promote economic development.
Question 10 Multiple Choice (Single Answer)

What is the purpose of an embargo?

  1. To prohibit the import of goods from a particular country.
  2. To prohibit the export of goods to a particular country.
  3. To regulate the import of goods from a particular country.
  4. To regulate the export of goods to a particular country.
Question 11 Multiple Choice (Single Answer)

What is the purpose of a trade agreement?

  1. To promote free trade between two or more countries.
  2. To regulate trade between two or more countries.
  3. To promote economic development in two or more countries.
  4. To resolve disputes between two or more countries.
Question 12 Multiple Choice (Single Answer)

What is the purpose of the General Agreement on Tariffs and Trade (GATT)?

  1. To promote free trade among its member countries.
  2. To regulate trade among its member countries.
  3. To promote economic development among its member countries.
  4. To resolve disputes among its member countries.
Question 13 Multiple Choice (Single Answer)

What is the purpose of the World Intellectual Property Organization (WIPO)?

  1. To protect intellectual property rights.
  2. To promote the development of intellectual property.
  3. To resolve disputes relating to intellectual property.
  4. To facilitate the transfer of intellectual property.
Question 14 Multiple Choice (Single Answer)

What is the purpose of the International Chamber of Commerce (ICC)?

  1. To promote free trade.
  2. To regulate trade.
  3. To resolve disputes.
  4. To facilitate business.
Question 15 Multiple Choice (Single Answer)

What is the purpose of the United Nations Commission on International Trade Law (UNCITRAL)?

  1. To promote the development of international trade law.
  2. To harmonize international trade law.
  3. To resolve disputes relating to international trade law.
  4. To facilitate the negotiation of international trade agreements.
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