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International Trade Law: Principles and Arbitration - Lecture 1

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International Trade Law: Principles and Arbitration - Lecture 1

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Questions and Answers

What percentage of the world GDP is represented by the value of international trade in 2010?

30% (correct)

40%

20%

10%

Why does international trade allow for greater competition and more competitive pricing?

It decreases the overall supply in the market

It increases tariffs on imported goods

It leads to a wider variety of available products (correct)

It reduces the quality of goods and services

What is the predicted share of the world economy to be exchanged internationally by 2030?

50%

70%

60% (correct)

40%

Why does every country need to engage in international trade?

To satisfy wants of their people with limited resources Signup and view all the answers

Why can no country be self-sufficient in producing all goods and services it requires?

Due to limited resources Signup and view all the answers

What does International Trade Law (ITL) primarily deal with?

Dispute resolution in international business transactions Signup and view all the answers

In the context of International Trade Law, what is the significance of arbitration?

Resolution of trade disputes outside of traditional court systems Signup and view all the answers

Why is International Trade considered significant in most countries?

It helps boost the country's gross domestic product (GDP) Signup and view all the answers

What is the primary focus of the academic study related to International Trade Law?

Examining the legal principles and rules governing international trade Signup and view all the answers

Why is there a need for regulation in International Trade?

To ensure fair competition and address trade disputes Signup and view all the answers