Question

5. Which country would be considered a prohibited destination for some, if not all, U.S. exports?

1. South Korea
2. Libya
3. Cuba
4. a and c
5. b and c
6. All of the above

6. Selling goods abroad at a price which is either below cost or below what they would be sold for at home, is known as

1. Price discrimination
2. Dumping
3. Fair trade
4. Outsourcing

7. Individuals disputes are not settled in the ICJ (International Court of Justice) because

1. Individual disputes seldom go to trial
2. This court is only empowered to decide on cases involving governments
3. This court does not exist
4. None of the above.

8. The international registration of patents and trademarks is governed by

1. The Universal Copyright Convention
2. The United Nations Convention
3. The WTO
4. The Paris Convention

9. GATT’s “most-favored nation” designation has been replaced by the WTO’s

1. Normal trade relations designation
2. Omnibus Trade Act
3. Sarbanes-Oxley
4. Super 301

Answer 1

5. The correct answer is option E. The U. S. exports are prohibited in Libya and Cuba.

The U.S. government has imposed prohibition on certain countries of the world regarding export and import relations. U.S. has prohibited all such countries on the basis of their humiliation of human rights and unfair trade practices. Such countrues include China, Cuba, Lybia, Iran, Iraq etc. These are the countries who have either humiliated human rights by terrorism etc. or are indulgent in unfair trade practices or both.

So, option E is correct because South Korea is not prohibited, so other options prove to be incorrect.

6. The correct answer is option B. Selling of goods at a price lower than domestic economy, in abroad is called as Dumping.

When an exporter selles his goods abroad at a price which is lower than the prices in domestic economy, it is called dumping. It is done to flourish the market with the products at lower prices, which is considered as a legal trade practice as per WTO adopted by exporter. Countries may use tariffs and quotas on exporters to protect their domestic producers from dumping.

Thus, option B is correct and rest are incorrect as: price discrimination is charging different prices from different customers, fair trade means trading with fair practices, outsourcing means lending out non-core activities to third party like call centres of MNC's held by some other organisations. Thus, all other options provide different meanings not related to dumping. Thus, B is correct.

7. The correct amswer is option B. International Court of Justice is empowered to decide on the cases involving governments.

Individual disputes can not be settled in International Court of Justice because it takes decisions on the disputes which have arisen between the governments. Handling individual disputes does not fall under under the authority of International Court of Justice.

Thus, option B is correct and rest are incorrect as they fail to provide correct explanation.

8. The correct answer is option D.The international registration of patents and trademarks is governed by The Paris Covention.

The Paris Convention was signed in Paris, France in 1883 with a view to protect industrial property and intellectual property rights including patent, trademark etc. worldwide. It also governs the international registration of patent and trademark.

Thus, option D is correct and rest are incorrect as they does not provide the clear and correct explanation of the asked question.