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International Trade & Business Law Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following is NOT a benefit of specialization and exchange?

Question 2 2. Why is the World Trade Organization relevant to the global economic system?

Question 3 3. Country A's opportunity cost of producing 1 ton of corn is 5 tons of wheat, while Country B's opportunity cost of producing 1 ton of corn is 1/3 of a ton of wheat. Which of the following statements is true?

Question 4 4. Which of the following is NOT an example of a bilateral treaty?

Question 5 5. The United States can produce 20 strawberries or 80 apples, while Canada can produce 15 strawberries or 5 apples. Which of the following describes what will happen if these two countries trade with each other?

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Question 6 6. Historically, international law principles dictated that nations were immune from the court jurisdiction of other nations. This type of immunity is known as _____.

Question 7 7. Which of the following is the United States' first step in making a treaty?

Question 8 8. Which of the following is an example of exporting?

Question 9 9. How does NAFTA differ from the UN?

Question 10 10. When countries specialize in the goods in which they have a comparative advantage, which of the following is true?

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Question 11 11. The table here shows the labor hours necessary to produce one unit of two goods, salmon and coconut creme pies, in two countries. If labor is the only input used, which of the following statements is true?

Question 12 12. What happens if a nation doesn't have an absolute advantage in producing anything?

Question 13 13. Today, other nations aren't always immune from U.S. court jurisdiction. How is this immunity known?

Question 14 14. Which of the following statements is true?

Question 15 15. According to the two production possibility curves shown, Country A should specialize in the production of which of the following?

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Question 16 16. Why is the Customs Border Patrol relevant to a company that wants to export to the U.S.?

Question 17 17. Assume that there are only two countries, Country A and Country B, producing only two goods, corn cereal and designer jeans. The table here shows the production possibilities for these two countries. Which of the following statements is correct?

Question 18 18. Which of the following organizations governs U.S. exports?

Question 19 19. What kind of protection is offered by Foreign Sovereign Immunity?

Question 20 20. What does it mean for a nation to have an absolute advantage in the production of a good?

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Question 21 21. Which of the following is an example of importing?

Question 22 22. While on official business in the U.S., the president of Mexico's motorcade caused an automobile accident, injuring Larry. Larry sues the Mexican government in a U.S. court. Larry alleges negligence and seeks to recover money damages. Will Larry be allowed to move forward with his lawsuit?

Question 23 23. Which of the following situations is specifically listed in Article II of the U.S. Constitution?

Question 24 24. When does a treaty become legally binding?

Question 25 25. In the U.S., foreign sovereign immunity is governed by the _____

International Trade & Business Law Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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