Question 1

The United States has, in 1993, withdrawn from participation in the General Agreement on Tariffs and Trade
(GATT).

Accepted Answer

A) True 
 B)False

Question 2

The World Trade Organization (WTO):

Accepted Answer

A) is an agency providing insurance to firms involved in international trade. 
B) is a general international antitrust agreement. 
C) seeks to facilitate the flow of trade by establishing agreements on potential trade barriers. 
D) has successfully rid international trade of tariffs. 
A) is an agency providing insurance to firms involved in international trade. 
B) is a general international antitrust agreement. 
C) seeks to facilitate the flow of trade by establishing agreements on potential trade barriers. 
D) has successfully rid international trade of tariffs.

Question 3

How is "sovereign immunity" interpreted under U.S.law today?

Accepted Answer

A) It gives absolute immunity to a foreign nation from all U.S.laws. 
B) It gives immunity to foreign governments for commercial activity carried on in the U.S.by the foreign government. 
C) It exempts the public acts of a foreign government, such as those involving diplomatic activity, from all U.S.laws. 
D) All of these. 
A) It gives absolute immunity to a foreign nation from all U.S.laws. 
B) It gives immunity to foreign governments for commercial activity carried on in the U.S.by the foreign government. 
C) It exempts the public acts of a foreign government, such as those involving diplomatic activity, from all U.S.laws. 
D) All of these.

Question 4

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 5

The CISG was developed by the:

Accepted Answer

A) UNCITRAL. 
B) National Conference of Commissioners on Uniform State Law. 
C) EU. 
D) World Trade Organization. 
A) UNCITRAL. 
B) National Conference of Commissioners on Uniform State Law. 
C) EU. 
D) World Trade Organization.

Question 6

What is "dumping"?

Accepted Answer

A) The disparaging of the products of a competitor in international trade. 
B) A company's selling of its product cheaper in its home market than in its export market. 
C) A company's engaging in overproduction in order to flood a market so as to drive down prices. 
D) A company's selling of its product for less than normal value in a foreign market. 
A) The disparaging of the products of a competitor in international trade. 
B) A company's selling of its product cheaper in its home market than in its export market. 
C) A company's engaging in overproduction in order to flood a market so as to drive down prices. 
D) A company's selling of its product for less than normal value in a foreign market.

Question 7

Sovereign states and individuals may request and receive advisory opinions from the International Court of Justice.

Accepted Answer

A) True 
 B)False

Question 8

Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, and the Age Discrimination in Employment Act do not apply to U.S.citizens employed abroad by U.S.employers or by foreign companies controlled by U.S.employers.

Accepted Answer

A) True 
 B)False

Question 9

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.

Question 10

Which of the following is not an exception to the act of state doctrine?

Accepted Answer

A) A sovereign waives its right to raise the act of state defense. 
B) A foreign sovereign contracts to sell a service. 
C) A foreign sovereign's decides to grant a license to export a natural resource. 
D) There is a claim to property based on the assertion that a foreign state confiscated the property in violation of the principles of international law. 
A) A sovereign waives its right to raise the act of state defense. 
B) A foreign sovereign contracts to sell a service. 
C) A foreign sovereign's decides to grant a license to export a natural resource. 
D) There is a claim to property based on the assertion that a foreign state confiscated the property in violation of the principles of international law.

Question 11

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 12

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 13

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 14

Peterson, an American exporter, sells lumber to Hydeaki, a Japanese importer, using a documentary letter of credit.
In this situation, the correspondent bank will be in Japan.

Accepted Answer

A) True 
 B)False

Question 15

Export controls or restrictions usually result from:

Accepted Answer

A) national defense considerations. 
B) foreign policy considerations. 
C) the desire to protect scarce national resources. 
D) All of these. 
A) national defense considerations. 
B) foreign policy considerations. 
C) the desire to protect scarce national resources. 
D) All of these.

Question 16

Under the doctrine of sovereign immunity, domestic courts, in certain circumstances, will exercise jurisdiction over a foreign state or its instrumentalities.

Accepted Answer

A) True 
 B)False

Question 17

An objective of the EU is to promote economic and social progress among member states.

Accepted Answer

A) True 
 B)False

Question 18

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 19

NAFTA established a free trade area for the United States, Mexico, and Central America.

Accepted Answer

A) True 
 B)False

Question 20

Expropriation of property by a foreign government for a public purpose with the payment of just compensation, but without the consent of the owner violates generally observed principles of international law.

Accepted Answer

A) True 
 B)False

Exam 46: International Business Law

The United States has, in 1993, withdrawn from participation in the General Agreement on Tariffs and Trade (GATT).

The World Trade Organization (WTO):

How is "sovereign immunity" interpreted under U.S.law today?

The Foreign Corrupt Practices Act of 1977 (FCPA):

The CISG was developed by the:

What is "dumping"?

Sovereign states and individuals may request and receive advisory opinions from the International Court of Justice.

Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, and the Age Discrimination in Employment Act do not apply to U.S.citizens employed abroad by U.S.employers or by foreign companies controlled by U.S.employers.

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

Which of the following is not an exception to the act of state doctrine?

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.

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

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.

Peterson, an American exporter, sells lumber to Hydeaki, a Japanese importer, using a documentary letter of credit. In this situation, the correspondent bank will be in Japan.

Export controls or restrictions usually result from:

Under the doctrine of sovereign immunity, domestic courts, in certain circumstances, will exercise jurisdiction over a foreign state or its instrumentalities.

An objective of the EU is to promote economic and social progress among member states.

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

NAFTA established a free trade area for the United States, Mexico, and Central America.

Expropriation of property by a foreign government for a public purpose with the payment of just compensation, but without the consent of the owner violates generally observed principles of international law.

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

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

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

51: The Legal Environment Of Business

52: Contracts.

53: Agency.

54: Sales

55: Negotiable Instruments

56: Unincorporated Business Association

57: Corporations

58: Debtor and Creditor Relation

59: Regulation of Business

60: Property.