1. Which of the below statements about the WTO dispute settlement process is incorrect?

a. WTO dispute settlement decision cannot be appealed

b. Only a WTO member country can file a WTO dispute settlement claim.

c. The losing state party to an WTO dispute settlement proceeding is subject to retaliatory trade sanctions

d. WTO dispute settlement mechanism primarily relies on consultation and negotiation.

2. Every American company is international, at least to the extent that:

a. The internet generates orders for all American business to go abroad

b. Federal law requires all corporations to outsource whenever it is cost-effective

c. The COVID-19 pandemic creates a more close-knitted global community

d. Its business performance is affected by events occurring abroad

3. Please state the Most Favored Nation (MFN) treatment under the WTO GATT agreement. Why GATT requires MFN treatment of all of its member states?

4. Which are the principal sources of international law?

a. Custom, treaties and judicial decisions

b. Treaties, custom and General Assembly Resolutions

c. Custom, general principles of law and theory

d. Treaties, custom and general principles of law

5. Which of the below is not a difference between GATT and GATS of the WTO.

a. Both GATT and GATS employs the Most Favored Nation treatment to facilitate trade.

b. GATS adopts border measures in regulating trade.

c. GATT regulates trade of goods and GATS regulates trade of services

d. GATS adopts a positive list approach in regulating trade.

6. Which is the dominant tariff calculation method in the U.S.?

a. Tariff rate quota (TRQ)

b. Specific

c. Mixed

d. Ad valorem