International Trade Law: Definition, Treaties, and Principles - Lecture 5
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Questions and Answers

What is the definition of International Trade Law?

  • The body of rules and regulations governing the relationships of nation states for regulating their domestic markets in relation to international trade. (correct)
  • The legal framework that governs the exchange of goods and services within a single country.
  • The rules and regulations related to immigration and emigration between countries.
  • The body of laws and regulations that govern the relationships between individuals or companies involved in international trade.

    • What is the primary form of trade regulation a state uses to handle imports and exports?

  • Customs duties (correct)
  • Embargo
  • Sanctions
  • Quotas

    • What does the term 'embargo' refer to in the context of international trade?

  • An official ban on trade or other commercial activity with a particular country. (correct)
  • A government's decision to limit the amount of money that can be sent out of the country.
  • A restriction on the quantity of a specific good that can be imported or exported.
  • An additional fee imposed on certain categories of imported goods or goods from specific countries.

    • What does a tariff specifically refer to in the context of international trade?

    <p>A tax imposed on certain categories of imported goods or goods from specific countries.</p> Signup and view all the answers

    What is the main objective of international trade law?

    <p>To regulate global exchange of goods and services.</p> Signup and view all the answers

    How is international trade affected by sovereign governments?

    <p>Through the exercise of sovereign powers within their borders.</p> Signup and view all the answers

    What is the main purpose of imposing tariffs?

    <p>To make imported goods less competitive</p> Signup and view all the answers

    What is the potential consequence of each state regulating its trade without international trade law?

    <p>Closing of markets leading to stymied economic growth</p> Signup and view all the answers

    What was the significance of the trade agreement between Rome and Carthage in 507 B.C?

    <p>It established the principle of non-discrimination in trade</p> Signup and view all the answers

    What was the outcome of the negotiations held within the framework of the Uruguay Round?

    <p>Foundation of the World Trade Organization</p> Signup and view all the answers

    Why was the establishment of an International Trade Organization finally failed in 1950?

    <p>Inability to overcome serious deficits</p> Signup and view all the answers

    What was the effect of World War I on most states with respect to economic policy?

    <p>Adoption of protectionist economic policies</p> Signup and view all the answers

    How did the World Trade Organization (WTO) contribute to GATT's legal order?

    <p>It stopped the fragmentation of GATT's legal order</p> Signup and view all the answers

    How did World War II influence the international community?

    <p>It highlighted the need for institutionalization and reorientation</p> Signup and view all the answers

    What is the purpose of internal taxes imposed by a state legislature?

    <p>To make imported goods more competitive with local products</p> Signup and view all the answers

    What are the main objectives of International Trade Law?

    <p>Expand export opportunities across national borders</p> Signup and view all the answers

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