Which of the Following Statements About the Dynamics of World

question 64

Multiple Choice

Which of the following statements about the dynamics of world trade is most accurate?

• A)As the largest international marketer,the U.S.accounts for 85 percent of world trade.
• B)World trade refers exclusively to the exchange of money for products or services.
• C)An estimated 35 percent of world trade involves countertrade.
• D)The U.S. ,Western Europe,Canada,China,and Japan together account for more than ⅔ of world trade.
• E)European intratrade is smaller but more powerful than for any of the other world regions.

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Definitions:

UCC

The Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States, including sales, leases, negotiable instruments, and secured transactions.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, governing the sale of goods between parties from different countries.

Restatement Second

A collection of treatises on U.S. law aimed at summarizing, clarifying, and perhaps modernizing the law, with "Second" indicating a second edition of a subject area.

Unilateral Contract

A contract agreement in which one party makes a promise in exchange for an act by another party, binding only after the act is completed.