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Countries with environmental mitigation mechanisms (e.g. cap-=and-trade schemes, carbon taxes, etc.) claim that charging ________ taxes on imports is not a trade deterrent and does not form a tariff. *

1 Which of these clauses in the general agreement for an international contract should be considered an essential clause to protect your company’s interests? *

Payment term

Force majeure

Governing law

Venue and adjudication method

2 The Yuan is China’s external trade currency, while the Renminbi is their currency for internal use only. *

True

False

3 Once again the United Stares has imposed tariffs on Canadian softwood lumber exports. Under the Canada-US-Mexico Agreement and under the WTO, Canada can respond by: *

Putting countervailing tariffs on American goods.

Restricting exports of softwood lumber to the US, seeking other markets

Sue the US in a Canadian court

Closing the Canada-US border

4 ) company that does not receive goods according to a contract from an international company must try to mitigate their losses

True

False

5 When the UK left the EU, several predictions were made. Which one actually came true? *

EU companies would grow rapidly displacing imports from the UK

The UK ecnoomy would collapse

EU countries would act as though the UK was still bound to the EU traties.

Companies would move from the UK to the EU

6 When a company can’t convert (easily) a foreign currency, or the amounts that can be converted are restricted, we call this a: *

a marginal currency

a controlled currency

an external currency

a blocked currency

7 ____________ seriously disrupted production, distribution, and shipping on an international basis. This could possibly allow “force majeure cclauses to take effect. *

8 In general, free trade agreements cover: *

intellectual property protection

labour mobility

dispute resolution mechanisms

exclusion of markets from imports or exports

9 )International trade disputes are heard in United Nations Courts exclusively. *

True

False

10 No major company would choose to operate in a country without an extensive set of trade agreements. *

True

False

11) High value electronics are likely to move from the manufacturer to Canada via: *

Road or rail express

Low speed bulk cargo ship

Medium speed container ship

Air frieght

12)Which country is the only country with free trade agreements with Asia, Eiurope, and North America? *

Japan

United Kingdom

Canada

United States

13 )Continuing business relationships in a country will probably require setting up a subsidiary in that country. *

True

False

14)[One word answer} Countries with environmental mitigation mechanisms (e.g. cap-=and-trade schemes, carbon taxes, etc.) claim that charging ________ taxes on imports is not a trade deterrent and does not form a tariff. *

1 point

15)[One word answer]. Companies in Canada can take out insurance with the Export Development Corporation (EDC): if payment is not or cannot be made, EDC _______ the company and collects from the payee. *

1 point

Your answer

16 A treaty becomes law by being passed into national law in each signatory country’s Parliament/Congress. *

True

False

17 The most common currency used to price and settle transactions for raw materials worldwide is: *

The Euro

The Renminbi (China)

The Ruble (Russia)

The US dollar

18) [One word answer]: Under a dispute resolution mechanism, companies can sue countries for _______ revenues. *

1 point

Your answer

19 A tariff is a tax paid by the importer/customer but which potentially ____________ *

1 point

Choose

[One word answer]: ISO 28219:2017 defines the international standard for -_____ codes *

1 point

Your answer

20 )The type of electrical plug required on electrical products shipped to Australia and New Zealand is: *

1 point

Two round pins plus a hole to receive the grounding pin

Two vertical flat pins plus a grounding pin.

Two diagonal flat pins plus a grounding pin

Two heavy pins plus a grounding pin

What is the lowest level of law that applies to trade between two countries that have not signed any trade agreement? *

1 point

21)US law (because the US dollar is the world reserve currency)

national laws

GATT

WTO

22)For applicable taxes, the concept of ________ is used to determine how the company will be taxed. *

1 point

Choose

230[One word answer]: The Yuan is China’s external trade currency, while the Renminbi is their currency for internal use only. *

1 point

Your answer

24)[Checkbox: select 1 to 4 options that form the answer]: Which of these is required for products being imported in bulk to Canada? *

1 point

Full information equally in French and English

Système Internationale measurements

EU defined codes for chemical compounds (e.g. E.236)

International hazard symbols, if needed

25)Products being exported to the European Union require the use of the approved EU codes for the components (e.g. E.236, E.430, etc.) *

1 point

True

False

26)Spare parts and products can be delivered to a country but not officially enter the country by being stored at an international transit warehouse. *

1 point

True

False

27)[Checkbox: select 1 to 4 options to form the answer]: Which of these are international trade treaties? *

1 point

AUKUS

UNDRIP

CPTPP

USMCA

28)Which of these is not a ground for refusing entry of products at the border? *

1 point

Contains a restricted or banned substance

Made in North Korea

Manufactured using slave labour

Does not meet labelling requirements

29)[Checkbox: select 1 to 4 items that compose the answer]: To successfully compete in international trade, you must be able to afford: *

1 point

lobbyto gain government support

appropriate international accounting advice

appropriate legal counsel

local representation to pay out bribes

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