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Question
The president can provide import relief in the form of temporary tariff increases or quotas without having to consult any other organization.Answer
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Related questions
Q:
When a petition for import relief is filed with the International Trade Commission, the ITC conducts an investigation and must consider all the following factors except:
a. Idling of productive facilities in the industry.
b. Unemployment in the industry.
c. Ability of industry to shift to production of other products.
d. Increase in imports.
Q:
The U.S. law that protects against "fairly traded" imported products is:
a. Countervailing duty.
b. Antidumping statute.
c. Escape clause.
d. Import relief.
Q:
Under U.S. law, the foreign market value for antidumping duty determination is calculated as either home market sales price, sales of like products in third countries, or "constructed value."
Q:
Dumping has become a fairly persistent problem in international trade and is often practiced by firms wishing to sell their excess production capacity at bargain prices to cover fixed costs.
Q:
Dumping is the unfair trade practice of selling products in one country for less than the price charged for comparable goods in the producer's home market.
Q:
The GATT Agreement on Safeguards permits a member state to increase tariffs on an imported product in order to allow a domestic manufacturer to successfully introduce a competitive product in the domestic market.
Q:
Dumping does not occur when there is no market for the product in the home country.
Q:
A law or regulation affecting a product's characteristics that must be met before a product can enter a country is a:
a. Product standard.
b. Technical regulation.
c. Product limitation.
d. Government procurement law.
Q:
Which of the following is not an instance in which the U.S. Trade Representative may take retaliatory action against a foreign country?
a. The foreign country's policies violate the legal rights of the U.S. and restrict U.S. commerce.
b. The foreign government permits forced labor.
c. The foreign government's policies are unreasonable or discriminatory and burden or restrict U.S. trade or foreign investment.
d. None of the above is discretionary, rather, retaliation by the U.S. Trade Representative is mandatory in all three instances.
Q:
The GATT 1994 Agreement on Government Procurement:
a. Requires fair, open, and nondiscriminatory procurement practices.
b. Sets up uniform procurement procedures to protect suppliers from different countries.
c. Applies only to those countries who have signed it.
d. Applies to the purchase of goods and services over $182,000.
e. All of the above.
Q:
ISO 9000 refers to:
a. Standards used for assuring product quality through product design and manufacturing process.
b. A series of import regulations imposed by the European Union.
c. Japanese trade restrictions against U.S. telecommunications companies that were eventually repealed.
d. A trade agreement established between the U.S. and the European Union that will significantly reduce barriers to trade.
Q:
ISO 9000 is a series of rules governing the importation of technology products from a WTO-member nation.
Q:
The symbol of an approved product in Japan is the government-authorized Japan Industrial Standards Mark.
Q:
The United States announced it would not impose sanctions on Japan after the U.S. and Japan reached an agreement intended to give U.S. telecommunication firms equal access to the Tokyo cellular phone market.
Q:
The Agreement on Government Procurement reverses the general GATT rules that allow government agencies to favor domestic products.
Q:
Under GATT, an exception from the national treatment provision is granted to allow governments to favor domestic suppliers.
Q:
The GATT dispute panel found that Thailand's regulations on the importation of cigarettes was justified.
Q:
The GATT dispute panel found that Thailand's import restrictions on Tobacco could not be justified as being necessary for the protection of domestic agriculture.
Q:
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:
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.
Q:
In the decision involving tariffs on Latin American bananas, the panel:
a. Recommended the tariffs be brought in line with the EEC's obligations under GATT.
b. Said the Latin American countries were authorized to impose sanctions on the EEC.
c. Found the EEC's tariffs to be within GATT guidelines.
d. Dismissed the case after the EEC agreed to adopt tariffs that were more in line with its GATT obligations.
Q:
An embargo can be: I.
A limit on the amount charged for items imported. II.
Government red tape administered by entrenched bureaucrats. a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
Q:
Tariffs serve all of the following purposes except:
a. Collection of revenue.
b. Enhancement of flow of commerce.
c. Regulation of import competition.
d. Protection of the national defense.
Q:
A tariff is:
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.
Q:
Incontrovertibility risk may hinder a U.S. investor in a foreign country from trading the foreign currency back into U.S. dollars.
Q:
All foreign nations permit foreign majority ownership of some type.
Q:
If a U.S. company chooses to establish a branch abroad, it faces less potential vicarious liability because it is separated from the branch.
Q:
U.S. multinational corporations are generally safer in building a factory in a foreign country that has entered into an investment treaty with the United States than in a country that has no such treaty.
Q:
The first alternative for a victim of nationalization would be to seek relief in the courts of the country where the property was nationalized.
Q:
OPIC insurance is provided to U.S. firms operating abroad by private American insurance companies.
Q:
Insurance is available from the U.S. government to U.S. firms against the expropriation of their property by a foreign government.