(1)When one country provides most favoured nation status for another it agrees to:

(a)Charge the nation's product a lower tariff than any other nation that are members of the WTO.

(b)Charge the nation's product a tariff no higher than that on any other nation that is a member of the WTO.

(c)Charge the nation's product a tariff no higher than that on any other nation that is not a member of the WTO.

(d)Charge the nation's product a tariff higher than any other nation that is not a member of the WTO.

(e)Charge the nation's product a tariff no higher than that on any other nation that is not a member of the WTO

Article 1 (3) of the convention on the international sale of goods stipulate that ......... is an irrelevant factor for the application of the convention.

(a)Contracting parties' places of business

(b)Nature of the goods that is under contract

(c)Nationality of the parties to the contract

(d)Type of contract entered into between the parties of the contract

(e)C and a above

Dispute over interpretation of the CISG are to be resolved by applying the general principles of the CISG or where there are no such principles, but the matters are governed by the CISG by applying the rules of:

A. International contract law.

B. The Sale of Good Act of the exporter's country.

C. The Sale of Goods Act of the importer's country.

D. Private international law.

E. The combined use of private and public international law.

If a letter of credit can be neither cancelled nor modified without the consent of all parties, it is known as _____.

A.revolving

B.irrevocable

C.revocable

D.unconfirmed

E.unclean

Which of the following is not a condition for drafts to be negotiable?

A.must be in writing, signed by the drawer

B.must contain a promise to pay a certain sum if goods are received

C.must contain an order to pay

D.must be payable on sight or at a specified date

E.must be made out to order or bearer

Documentary drafts require various shipping documents such as ____.

A.bills of lading

B.insurance certificates

C.commercial invoices

D.A and B

E.A, B, and C

If a carrier is instructed to deliver goods to an importer, a _____ bill of lading is used.

A.straight

B.order

C.documentary

D.on-board

E.clean

If an exporter is doubtful about an issuing bank's ability to pay, he will expect a domestic bank to join the transaction in a _____ letter of credit.

A.revolving

B.irrevocable

C.revocable

D.unconfirmed

E.confirmed

Which of the following may be required as additional documents in a letter of credit?

A.commercial invoice

B.insurance document

C.consular invoice

D.certificate of origin

E.all of the above

Which of the following is not true of a letter of credit?

A.it is a document

B.issued by a bank

C.at the request of the exporter

D.the bank agrees to honor a draft drawn on the importer

E.payable in the designated currency