Question 1

A tariff is a duty imposed on goods moving into or out of a country.

Accepted Answer

A) True 
 B)False  True

Question 2

Assume a foreign nation has seized all of the property of an American corporation.The foreign nation has assumed ownership of the property for a public purpose and has paid the American corporation what it believes to be fair compensation.Under these facts,the seizure of property is best described as:

Accepted Answer

A)  expropriation. 
B)  confiscation. 
C)  force majeure. 
D)  eminent domain. 
A)  expropriation. 
B)  confiscation. 
C)  force majeure. 
D)  eminent domain. A

Question 3

Although under GATT's most-favored nation provision all signatories must treat each other as favorably as they treat any other country,nations may give preferential treatment to developing nations and may enter into free trade areas.

Accepted Answer

A) True 
 B)False  True

Question 4

Which of the following is an objective of the North American Free Trade Agreement?

Accepted Answer

A)  Create trade barriers to the movement of goods and services across the borders. 
B)  Promote conditions of fair competition in the free trade area. 
C)  Decrease investment opportunities in the area. 
D)  Immediately eliminate all tariffs between the three countries covered by the agreement. 
A)  Create trade barriers to the movement of goods and services across the borders. 
B)  Promote conditions of fair competition in the free trade area. 
C)  Decrease investment opportunities in the area. 
D)  Immediately eliminate all tariffs between the three countries covered by the agreement.

Question 5

International agreements in the form of treaties:

Accepted Answer

A)  require approval by a majority vote of the United States Senate. 
B)  require approval by a two-thirds vote of the United States Senate. 
C)  require no approval from Congress. 
D)  are explicitly mentioned in the U.S.Constitution as a power given solely to Congress. 
A)  require approval by a majority vote of the United States Senate. 
B)  require approval by a two-thirds vote of the United States Senate. 
C)  require no approval from Congress. 
D)  are explicitly mentioned in the U.S.Constitution as a power given solely to Congress.

Question 6

The U.S.belongs to multinational treaties that try to coordinate the application of member nations' intellectual property laws.A principal treaty protecting intellectual property is:

Accepted Answer

A)  the Berne Convention for the Protection of Literary and Artistic Works. 
B)  the Vienna Patent Treaty. 
C)  the Paris Convention for the Protection of Copyrighted Works. 
D)  the Paris Trademark Registration Treaty. 
A)  the Berne Convention for the Protection of Literary and Artistic Works. 
B)  the Vienna Patent Treaty. 
C)  the Paris Convention for the Protection of Copyrighted Works. 
D)  the Paris Trademark Registration Treaty.

Question 7

A foreign company partially owned by the foreign government,manufactures televisions in the foreign country.The cost to the company for the manufacture of the product in the U.S.is the equivalent of $100.Because of excess production,the firm exports 5,000 sets to the United States where they are sold for $120 each.If the nearest rival U.S.-made set sells for $150,the action of the company:

Accepted Answer

A)  constitutes price-fixing. 
B)  violates the WTO anti-dumping provisions. 
C)  violates the Sherman Act,because of the involvement of the foreign government in the company. 
D)  appears to be legal. 
A)  constitutes price-fixing. 
B)  violates the WTO anti-dumping provisions. 
C)  violates the Sherman Act,because of the involvement of the foreign government in the company. 
D)  appears to be legal.

Question 8

The judicial branch for the United Nations is called the International Court of Justice.

Accepted Answer

A) True 
 B)False

Question 9

The concept of sovereign immunity provides that a nation's judicial branch should not question the validity of the actions a foreign government takes within its own borders.

Accepted Answer

A) True 
 B)False

Question 10

From a commercial standpoint,which of the following is considered the most important international treaty?

Accepted Answer

A)  The ICJ 
B)  The EC 
C)  The WTO 
D)  The IMF 
A)  The ICJ 
B)  The EC 
C)  The WTO 
D)  The IMF

Question 11

Since its inception in 1946,the U.N.Secretariat has registered and published approximately how many treaties that expressly or indirectly concern international business?

Accepted Answer

A)  100 
B)  550 
C)  30,000 
D)  75,000 
A)  100 
B)  550 
C)  30,000 
D)  75,000

Question 12

The Sherman Act:

Accepted Answer

A)  protects U.S.exports from privately imposed restrictions seeking to exclude U.S.competitors from foreign markets. 
B)  would not apply to an act committed in the United States by a foreign corporation. 
C)  would not apply to an act overseas by a 100 percent-owned foreign subsidiary of an U.S.corporation. 
D)  never applies to acts committed outside the U.S. 
A)  protects U.S.exports from privately imposed restrictions seeking to exclude U.S.competitors from foreign markets. 
B)  would not apply to an act committed in the United States by a foreign corporation. 
C)  would not apply to an act overseas by a 100 percent-owned foreign subsidiary of an U.S.corporation. 
D)  never applies to acts committed outside the U.S.

Question 13

The Foreign Corrupt Practices Act of 1977 (FCPA):

Accepted Answer

A)  makes it unlawful for an American company to pay money gifts to a foreign official for the purpose of influencing the official's acts or decisions. 
B)  requires that American companies in foreign countries adhere to the same health and safety standards in that country as they do in the U.S. 
C)  outlaws American business from engaging in business in countries,which,as determined by the Department,have governments "repugnant to American law and social values." 
D)  None of these. 
A)  makes it unlawful for an American company to pay money gifts to a foreign official for the purpose of influencing the official's acts or decisions. 
B)  requires that American companies in foreign countries adhere to the same health and safety standards in that country as they do in the U.S. 
C)  outlaws American business from engaging in business in countries,which,as determined by the Department,have governments "repugnant to American law and social values." 
D)  None of these.

Question 14

The Constitution authorizes the president to enter into treaties having the legal force of a federal statute without having to go through the legislative process or without having to receive advice or consent of the federal legislative branch of government.

Accepted Answer

A) True 
 B)False

Question 15

The Foreign Sovereign Immunities Act specifically provides that a foreign state shall be immune from neither federal nor state court jurisdiction in certain circumstances.The circumstances include that the suit is based on:

Accepted Answer

A)  a commercial activity conducted in the United States by the foreign state. 
B)  an act that the foreign state performed in the United States in connection with a commercial activity it carried on elsewhere. 
C)  a commercial activity performed outside U.S.borders that directly affects the United States. 
D)  All of these. 
A)  a commercial activity conducted in the United States by the foreign state. 
B)  an act that the foreign state performed in the United States in connection with a commercial activity it carried on elsewhere. 
C)  a commercial activity performed outside U.S.borders that directly affects the United States. 
D)  All of these.

Question 16

Under the Foreign Sovereign Immunities Act,a foreign state is:

Accepted Answer

A)  immune from all suits in the United States. 
B)  immune from suits in the United States involving public acts,but not commercial acts. 
C)  not immune from any type of suit in the United States. 
D)  None of these. 
A)  immune from all suits in the United States. 
B)  immune from suits in the United States involving public acts,but not commercial acts. 
C)  not immune from any type of suit in the United States. 
D)  None of these.

Question 17

The European Community was the predecessor to the:

Accepted Answer

A)  ICJ. 
B)  GATT. 
C)  CISG. 
D)  EU. 
A)  ICJ. 
B)  GATT. 
C)  CISG. 
D)  EU.

Question 18

The United States and the country of El Guapo signed a treaty whereby the United States agreed to assist the Latin American country in controlling drug traffic.The United States,following the treaty,seized 100 square meters of land and bulldozed it,because it was a suspected haven of drug smuggling.The land in question was in El Guapo,but belonged to an American citizen.Which of the following is most accurate?

Accepted Answer

A)  The treaty will supersede any general Constitutional rights because the treaty gave specific authorization for the act. 
B)  The act was not offensive to the Constitution,because it occurred in El Guapo. 
C)  Constitutional rights apply to people,not to property. 
D)  Constitutional rights supersede treaties. 
A)  The treaty will supersede any general Constitutional rights because the treaty gave specific authorization for the act. 
B)  The act was not offensive to the Constitution,because it occurred in El Guapo. 
C)  Constitutional rights apply to people,not to property. 
D)  Constitutional rights supersede treaties.

Question 19

What is the basic purpose of the World Trade Organization (WTO)?

Accepted Answer

The basic purpose of the World Trade Org

Question 20

The international organization which seeks to stabilize currency exchange is the:

Accepted Answer

A)  United Nations Exchange Branch. 
B)  International Court of Justice. 
C)  United States Treasury. 
D)  International Monetary Fund. 
A)  United Nations Exchange Branch. 
B)  International Court of Justice. 
C)  United States Treasury. 
D)  International Monetary Fund.

Exam 46: International Business Law

A tariff is a duty imposed on goods moving into or out of a country.

Although under GATT's most-favored nation provision all signatories must treat each other as favorably as they treat any other country,nations may give preferential treatment to developing nations and may enter into free trade areas.

Which of the following is an objective of the North American Free Trade Agreement?

International agreements in the form of treaties:

The U.S.belongs to multinational treaties that try to coordinate the application of member nations' intellectual property laws.A principal treaty protecting intellectual property is:

The judicial branch for the United Nations is called the International Court of Justice.

The concept of sovereign immunity provides that a nation's judicial branch should not question the validity of the actions a foreign government takes within its own borders.

From a commercial standpoint,which of the following is considered the most important international treaty?

Since its inception in 1946,the U.N.Secretariat has registered and published approximately how many treaties that expressly or indirectly concern international business?

The Sherman Act:

The Foreign Corrupt Practices Act of 1977 (FCPA):

The Constitution authorizes the president to enter into treaties having the legal force of a federal statute without having to go through the legislative process or without having to receive advice or consent of the federal legislative branch of government.

The Foreign Sovereign Immunities Act specifically provides that a foreign state shall be immune from neither federal nor state court jurisdiction in certain circumstances.The circumstances include that the suit is based on:

Under the Foreign Sovereign Immunities Act,a foreign state is:

The European Community was the predecessor to the:

What is the basic purpose of the World Trade Organization (WTO)?

The international organization which seeks to stabilize currency exchange is the:

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

A: Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance,breach,and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits,collections,and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature,formation,and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection Double

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

Introduction to Property,property Insurance,bailments,and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Decedents Estates

Legal Terminology: Understanding Criminal and Civil Law Systems

Contract Law Terminology

Exploring the Legal Concepts of Agency and Fiduciary Duty

Understanding Key Legal Concepts in Sales and Contracts

Understanding the Terminology of Banking and Finance: Key Concepts and Definitions

Exploring Legal Concepts and Processes in Business Partnerships

Understanding Corporate Law: A Guide to Ultra Vires Acts, Subscribers, Debt Securities, and More

Understanding Key Terms in Secured Transactions and Bankruptcy Law

Legal Topics and Terms

Legal Topics in Property Ownership and Management

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