Exam 25: International Business

The ________ collects U.S.tariffs in this country.

A political union represents the agreement of countries regarding constitutional systems.

A ________ is created when a group of states reduce or eliminate tariffs between themselves but maintain their own individual tariffs as to other states.

Tariffs are a means by which imports may be restricted.

The countervailing duty law provides protection where a U.S.industry is materially injured by imports of a product benefiting from a

The ________ was created to provide financing for the purchase of U.S.exports.

If a host country compensates a company for lost assets,that process of nationalization is referred to as expropriation.

The North American Free Trade Agreement provides for elimination of barriers to trade between what countries?

Courts apply the principles of ________ to determining which country's laws should be used to interpret an international contract.

Customary practice arises from legislative action.

In the United States,the value of an article for customs purposes is normally the ________ value,which is the price indicated on the sales invoice.

Jackson owns a business in a foreign country that is considered "friendly" with the U.S.but which has significant political unrest.Jackson is uneasy about the situation in the country.He is concerned that his business could be the subject of expropriation or losses due to civil unrest.What advice would you give him?

Certain commodities and technical data may not be exported without an export license from the U.S.Commerce Department.

The Department of the State administers embargoes imposed on U.S.trade with countries such as Iraq,Cuba,and North Korea.

The ________ provides for temporary relief to domestic industries seriously injured by increasing imports,regardless of whether unfair practices are involved.

Connie owns a retail establishment that sells electronics.She does a lot of business with Company ABC in Japan.Connie does not want to learn Japanese law or travel to Japan in the event of a dispute with the company.She seeks advice regarding how to protect herself from such risks in the event of a dispute.Which of the following would be a good idea for Connie?

The European Community is a purely economic organization consisting of 15 European states.

The Foreign Corrupt Practices Act was passed in 1977 as an amendment to the

The traditional Islamic rules and laws that regulate Muslim life are called Sharia.

The President administers U.S.trade laws pursuant to the authority delegated to him by the U.S.Constitution.