Question 1

The United States is the world's largest exporter of agricultural products.

Accepted Answer

A) True 
 B)False

Question 2

The European Union has adopted a currency known as the:

Accepted Answer

A)  Yuri. 
B)  Common Union. 
C)  Yen. 
D)  Euro. 
A)  Yuri. 
B)  Common Union. 
C)  Yen. 
D)  Euro.

Question 3

What is a major argument against the GATT Treaty?

Accepted Answer

A)  The United States will have to compete against countries with unlimited pools of exploited labor. 
B)  The United States will lose millions of jobs involving low-end employment and these types of workers are least capable of finding other employment. 
C)  Both a and b above are major arguments against GATT. 
D)  Neither a nor b above is a major argument against GATT. 
A)  The United States will have to compete against countries with unlimited pools of exploited labor. 
B)  The United States will lose millions of jobs involving low-end employment and these types of workers are least capable of finding other employment. 
C)  Both a and b above are major arguments against GATT. 
D)  Neither a nor b above is a major argument against GATT.

Question 4

In Totes-Isotoner Co.v.United States,the federal appellate court ruled that as to the government charging different tariffs for men's goods than women's :

Accepted Answer

A)  the tariffs will vary depending on the classification. 
B)  the governemnt could charge differently as long as the government did not intent to discriminate 
C)  governemnt could not charge differently because it violated the equal portection clause. 
D)  the government can charge differently based on whatever the custom service values the product. 
A)  the tariffs will vary depending on the classification. 
B)  the governemnt could charge differently as long as the government did not intent to discriminate 
C)  governemnt could not charge differently because it violated the equal portection clause. 
D)  the government can charge differently based on whatever the custom service values the product.

Question 5

The tariff for men's gloves can be higher than women's gloves as long as the government did not intend to discriminate.

Accepted Answer

A) True 
 B)False

Question 6

If a foreign company "dumps" goods on the United States market:

Accepted Answer

A)  the goods will be considered illegal goods and not be allowed to be sold in the United States. 
B)  the United States will issue trade sanctions against the country that allowed the dumping. 
C)  a "dumping duty" will be imposed on the dumped goods if the Commerce Department determines the goods are being sold at less than fair value and that this harms an American industry. 
D)  All the above are correct. 
A)  the goods will be considered illegal goods and not be allowed to be sold in the United States. 
B)  the United States will issue trade sanctions against the country that allowed the dumping. 
C)  a "dumping duty" will be imposed on the dumped goods if the Commerce Department determines the goods are being sold at less than fair value and that this harms an American industry. 
D)  All the above are correct.

Question 7

What is a tariff?

Accepted Answer

A)  Selling goods at a cheaper price than they cost to put competition out of business 
B)  a duty imposed on imports 
C)  Selling goods at a cheaper unfair price 
D)  a duty imposed on exports 
A)  Selling goods at a cheaper price than they cost to put competition out of business 
B)  a duty imposed on imports 
C)  Selling goods at a cheaper unfair price 
D)  a duty imposed on exports

Question 8

The two principal requirements of the Foreign Corrupt Practices Act involve bribes and grease payments.

Accepted Answer

A) True 
 B)False

Question 9

Explain the origin and purpose of the World Trade Organization.

Accepted Answer

The WTO was established by GATT.It has t

Question 10

When considering both imports and exports,the country trading the most goods with the United States is:

Accepted Answer

A)  Canada. 
B)  China. 
C)  Japan. 
D)  Mexico. 
A)  Canada. 
B)  China. 
C)  Japan. 
D)  Mexico.

Question 11

It is not a violation of United States law for a domestic company to pay money to a foreign governmental official in order to obtain a contract with the foreign government if this type of "commission" is commonly paid in that foreign country.

Accepted Answer

A) True 
 B)False

Question 12

In an international sales contract which terms are negotiable?

Accepted Answer

A)  What language and currency should govern the contract 
B)  Choice of where to sue. 
C)  What Country's laws will govern 
D)  all of these answers are true 
A)  What language and currency should govern the contract 
B)  Choice of where to sue. 
C)  What Country's laws will govern 
D)  all of these answers are true

Question 13

The Marcel Company is opening an office in Mexico.The cost to obtain electrical service is $500,but the clerk suggests that service could be started faster if an additional $50 is paid,which the clerk will keep.If the Marcel official pays the additional $50:

Accepted Answer

A)  he will have violated the Foreign Corrupt Practices Act. 
B)  he will not have violated the Foreign Corrupt Practices Act because this would be considered a "grease" or facilitating payment,which is legal. 
C)  he will be guilty of violating the Foreign Corrupt Practices Act only if the payment was illegal under the written law of Mexico. 
D)  he will be guilty of violating both the Foreign Corrupt Practices Act and the Convention of Combatting Bribery of Foreign Public Officials in International Business Transactions. 
A)  he will have violated the Foreign Corrupt Practices Act. 
B)  he will not have violated the Foreign Corrupt Practices Act because this would be considered a "grease" or facilitating payment,which is legal. 
C)  he will be guilty of violating the Foreign Corrupt Practices Act only if the payment was illegal under the written law of Mexico. 
D)  he will be guilty of violating both the Foreign Corrupt Practices Act and the Convention of Combatting Bribery of Foreign Public Officials in International Business Transactions.

Question 14

MagNet is a U.S.company based in Utah.It is negotiating to sell $4 million worth of computer goods to a French company.
-Legran.MagNet's attorney suggests that payment be by a letter of credit.What is a letter of credit and why does MagNet's attorney recommend payment by letter of credit?

Accepted Answer

A letter of credit is a commercial devic

Question 15

The European Union

Accepted Answer

A)  Eliminated travel restrictions between member nations 
B)  Sets union wide standards for trade restrictions. 
C)  Has a common currency that not all countries have adopted. 
D)  All of these answers are true 
A)  Eliminated travel restrictions between member nations 
B)  Sets union wide standards for trade restrictions. 
C)  Has a common currency that not all countries have adopted. 
D)  All of these answers are true

Question 16

Kjell is the vice president of international sales for Oxtren,Inc,a U.S.company.To secure a multimillion dollar contract for his company,Kjell paid a Mongolian governmental officer $10,000.Kjell:

Accepted Answer

A)  has violated the Foreign Corrupt Practices Act. 
B)  has not violated the Foreign Corrupt Practice Act because the payment was a grease payment. 
C)  has not violated the Foreign Corrupt Practices Act because the government official was from Mongolia,not the United States. 
D)  has not done anything illegal because Congress has not ratified the Convention of Combatting Bribery of Foreign Public Officials in International Transactions. 
A)  has violated the Foreign Corrupt Practices Act. 
B)  has not violated the Foreign Corrupt Practice Act because the payment was a grease payment. 
C)  has not violated the Foreign Corrupt Practices Act because the government official was from Mongolia,not the United States. 
D)  has not done anything illegal because Congress has not ratified the Convention of Combatting Bribery of Foreign Public Officials in International Transactions.

Question 17

How many countries belong to the European Union?

Accepted Answer

A)  50 
B)  100 
C)  27 
D)  5 
A)  50 
B)  100 
C)  27 
D)  5

Question 18

Hardhat Machine Company sold goods to Irish Eyes Company of Northern Ireland.Big Bank issued a letter of credit on behalf of Irish Eyes and the letter was given to Hardhat.
-The documents required by the letter of credit are presented to the bank for payment while the goods are still in transit.Is Hardhat entitled to be paid?

Accepted Answer

A)  No,payment is not due until the goods are delivered. 
B)  No,payment is not due until 30 days after delivery. 
C)  No,payment is not due until the buyer has had a reasonable time to inspect the goods. 
D)  Yes,the letter of credit is a promise by the bank to pay when certain documents are presented. 
A)  No,payment is not due until the goods are delivered. 
B)  No,payment is not due until 30 days after delivery. 
C)  No,payment is not due until the buyer has had a reasonable time to inspect the goods. 
D)  Yes,the letter of credit is a promise by the bank to pay when certain documents are presented.

Question 19

The European Union is one of the world's most powerful regional associations with 27 member nations as of 2011.

Accepted Answer

A) True 
 B)False

Question 20

Hardhat Machine Company sold goods to Irish Eyes Company of Northern Ireland.Big Bank issued a letter of credit on behalf of Irish Eyes and the letter was given to Hardhat.
-The "account party" is:

Accepted Answer

A)  Irish Eyes. 
B)  Hardhat Machine Company. 
C)  Big Bank. 
D)  None of the above. 
A)  Irish Eyes. 
B)  Hardhat Machine Company. 
C)  Big Bank. 
D)  None of the above.

Exam 8: International Law

The United States is the world's largest exporter of agricultural products.

The European Union has adopted a currency known as the:

What is a major argument against the GATT Treaty?

In Totes-Isotoner Co.v.United States,the federal appellate court ruled that as to the government charging different tariffs for men's goods than women's :

The tariff for men's gloves can be higher than women's gloves as long as the government did not intend to discriminate.

If a foreign company "dumps" goods on the United States market:

What is a tariff?

The two principal requirements of the Foreign Corrupt Practices Act involve bribes and grease payments.

Explain the origin and purpose of the World Trade Organization.

When considering both imports and exports,the country trading the most goods with the United States is:

It is not a violation of United States law for a domestic company to pay money to a foreign governmental official in order to obtain a contract with the foreign government if this type of "commission" is commonly paid in that foreign country.

In an international sales contract which terms are negotiable?

The Marcel Company is opening an office in Mexico.The cost to obtain electrical service is $500,but the clerk suggests that service could be started faster if an additional $50 is paid,which the clerk will keep.If the Marcel official pays the additional $50:

MagNet is a U.S.company based in Utah.It is negotiating to sell $4 million worth of computer goods to a French company. -Legran.MagNet's attorney suggests that payment be by a letter of credit.What is a letter of credit and why does MagNet's attorney recommend payment by letter of credit?

The European Union

Kjell is the vice president of international sales for Oxtren,Inc,a U.S.company.To secure a multimillion dollar contract for his company,Kjell paid a Mongolian governmental officer $10,000.Kjell:

How many countries belong to the European Union?

The European Union is one of the world's most powerful regional associations with 27 member nations as of 2011.

Hardhat Machine Company sold goods to Irish Eyes Company of Northern Ireland.Big Bank issued a letter of credit on behalf of Irish Eyes and the letter was given to Hardhat. -The "account party" is:

Introduction to Law

Business Ethics and Social Responsibility

Courts,Litigation and Alterntive Dispute Resolution

Constitutional, Statutory, Administrative, and Common Law

Intentional Torts and Business Torts

Negligence and Strict Liability

Crime

Introduction to Contracts

Contract Impediments

Conclusion to Contracts

Practical Contracts

Introduction to Sales

Negotiable Instruments

Secured Transactions

Bankruptcy

Agency Law

Employment Law

Employment Discrimination

Labor Law

Starting a Business: Llcs and Other Option

Life and Death of a Corporation

Government Regulation: Securities and Antitrust

Accountants' Liability

Consumer Law

Environmental Law

Cyberlaw

Intellectual Property

Real Property and Tenant: Landlord Law

Personal Property and Bailment

Estate Planning

Insurance

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