International Trade Law: Definitions and Main Treaties - L5 (T/F Quiz)

International trade involves trade between one country only.

International trade is regulated by laws, rules, and regulations of only one country.

International trade law only refers to the rules and regulations governing domestic markets.

There is only one primary form of trade regulation for how a state regulates international trade.

An embargo is a form of trade regulation imposed on exports out of a country.

Taxes on imported goods from certain categories or countries are known as tariffs.

Tariffs are collected after the goods have entered the country.

A tariff is a tax applied within a state, not at the border.

Internal taxes make imported goods more competitive.

Inter. Trade Law aims to protect local interests at the expense of transnational commerce.

GATT was the only framework for international trade policy for over half a century.

The WTO Agreement entered into force on 1 January 1995 with 72 members.

The establishment of an International Trade Organization failed in 1950.

World War I led to a decrease in tariffs to promote international commerce.

GATT's legal order was not fragmented until the establishment of the WTO.

International Trade Law aims to stymie economic growth in nations.