Question 1

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 2

The United States belongs to which multinational treaty for patent protection?

Accepted Answer

A) The Madrid Protocol. 
B) The Paris Convention for the Protection of Industrial Property. 
C) The Berne Convention. 
D) The WIPO Treaty. 
A) The Madrid Protocol. 
B) The Paris Convention for the Protection of Industrial Property. 
C) The Berne Convention. 
D) The WIPO Treaty.

Question 3

The basic purpose of __________ is to facilitate the flow of trade by establishing agreements concerning potential trade barriers such as import quotas,customs,export regulations,subsidies,and import fees.

Accepted Answer

A) WTO 
B) Foreign Sovereign Immunities Act. 
C) World Bank. 
D) None of the above. 
A) WTO 
B) Foreign Sovereign Immunities Act. 
C) World Bank. 
D) None of the above.

Question 4

Assume a foreign nation has seized all of the property of an American corporation.The 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.

Question 5

Match each statement with the correct term below.
-sovereign immunity

Accepted Answer

A) Conclusively presumed unreasonable and therefore illegal. 
B) Acquisition by one company of a competing company. 
C) Closed a loophole in the Copyright Act and clarified when Internet users can distribute copyrighted works. 
D) Plan detailing how a state will implement and maintian EPA air quality standards within its borders. 
E) An illegal form of discrimination that includes unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature.
F)Governmental taking of foreign-owned property for a public purpose with just payment.
G)Includes any note, stock, bond, preorganization subscription, and investment contract (any investment of money or property made in expectation of receiving a financial return solely from the efforts of others).
H)A signed writing by a shareholder authorizing a named person to vote her stock at a specified meeting of shareholders.
I)A general invitation to all shareholders to purchase their shares at a specified price for a specified time.
J)Not recognized by the common law or federal law, although some states have adopted statutes granting some form of this.
K)Intentional and knowing conduct.
L)Any credit transaction involving goods, services, or land for personal, household, or family purposes.
M)Governs contracts for international sales of goods between parties located in different nations that have ratified the treaty.
N)Rule that a court should not question the validity of actions taken by a foreign government in its own country.
O)Superfund; establishes the National Contingency Plan for responding to releases of hazardous substances and a trust fund to pay for removal and cleanup of hazardous waste.
P)Foreign country's freedom from a host country's laws.
Q)Any business that engages in transactions involving the movement of goods, information, money, people, or services across national borders.
R)Agreement among parties not to deal with a third party.
S)Similar patterns of conduct among competitors.
T)Exclusive right, usually for the author's life plus 70 years, to original works of authorship.
U)The judicial branch of the United Nations; has voluntary jurisdiction over nations. 
A) Conclusively presumed unreasonable and therefore illegal. 
B) Acquisition by one company of a competing company. 
C) Closed a loophole in the Copyright Act and clarified when Internet users can distribute copyrighted works. 
D) Plan detailing how a state will implement and maintian EPA air quality standards within its borders. 
E) An illegal form of discrimination that includes unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature.
F)Governmental taking of foreign-owned property for a public purpose with just payment.
G)Includes any note, stock, bond, preorganization subscription, and investment contract (any investment of money or property made in expectation of receiving a financial return solely from the efforts of others).
H)A signed writing by a shareholder authorizing a named person to vote her stock at a specified meeting of shareholders.
I)A general invitation to all shareholders to purchase their shares at a specified price for a specified time.
J)Not recognized by the common law or federal law, although some states have adopted statutes granting some form of this.
K)Intentional and knowing conduct.
L)Any credit transaction involving goods, services, or land for personal, household, or family purposes.
M)Governs contracts for international sales of goods between parties located in different nations that have ratified the treaty.
N)Rule that a court should not question the validity of actions taken by a foreign government in its own country.
O)Superfund; establishes the National Contingency Plan for responding to releases of hazardous substances and a trust fund to pay for removal and cleanup of hazardous waste.
P)Foreign country's freedom from a host country's laws.
Q)Any business that engages in transactions involving the movement of goods, information, money, people, or services across national borders.
R)Agreement among parties not to deal with a third party.
S)Similar patterns of conduct among competitors.
T)Exclusive right, usually for the author's life plus 70 years, to original works of authorship.
U)The judicial branch of the United Nations; has voluntary jurisdiction over nations.

Question 6

Match each statement with the correct term below.
-act of state doctrine

Accepted Answer

A) Conclusively presumed unreasonable and therefore illegal. 
B) Acquisition by one company of a competing company. 
C) Closed a loophole in the Copyright Act and clarified when Internet users can distribute copyrighted works. 
D) Plan detailing how a state will implement and maintian EPA air quality standards within its borders. 
E) An illegal form of discrimination that includes unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature.
F)Governmental taking of foreign-owned property for a public purpose with just payment.
G)Includes any note, stock, bond, preorganization subscription, and investment contract (any investment of money or property made in expectation of receiving a financial return solely from the efforts of others).
H)A signed writing by a shareholder authorizing a named person to vote her stock at a specified meeting of shareholders.
I)A general invitation to all shareholders to purchase their shares at a specified price for a specified time.
J)Not recognized by the common law or federal law, although some states have adopted statutes granting some form of this.
K)Intentional and knowing conduct.
L)Any credit transaction involving goods, services, or land for personal, household, or family purposes.
M)Governs contracts for international sales of goods between parties located in different nations that have ratified the treaty.
N)Rule that a court should not question the validity of actions taken by a foreign government in its own country.
O)Superfund; establishes the National Contingency Plan for responding to releases of hazardous substances and a trust fund to pay for removal and cleanup of hazardous waste.
P)Foreign country's freedom from a host country's laws.
Q)Any business that engages in transactions involving the movement of goods, information, money, people, or services across national borders.
R)Agreement among parties not to deal with a third party.
S)Similar patterns of conduct among competitors.
T)Exclusive right, usually for the author's life plus 70 years, to original works of authorship.
U)The judicial branch of the United Nations; has voluntary jurisdiction over nations. 
A) Conclusively presumed unreasonable and therefore illegal. 
B) Acquisition by one company of a competing company. 
C) Closed a loophole in the Copyright Act and clarified when Internet users can distribute copyrighted works. 
D) Plan detailing how a state will implement and maintian EPA air quality standards within its borders. 
E) An illegal form of discrimination that includes unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature.
F)Governmental taking of foreign-owned property for a public purpose with just payment.
G)Includes any note, stock, bond, preorganization subscription, and investment contract (any investment of money or property made in expectation of receiving a financial return solely from the efforts of others).
H)A signed writing by a shareholder authorizing a named person to vote her stock at a specified meeting of shareholders.
I)A general invitation to all shareholders to purchase their shares at a specified price for a specified time.
J)Not recognized by the common law or federal law, although some states have adopted statutes granting some form of this.
K)Intentional and knowing conduct.
L)Any credit transaction involving goods, services, or land for personal, household, or family purposes.
M)Governs contracts for international sales of goods between parties located in different nations that have ratified the treaty.
N)Rule that a court should not question the validity of actions taken by a foreign government in its own country.
O)Superfund; establishes the National Contingency Plan for responding to releases of hazardous substances and a trust fund to pay for removal and cleanup of hazardous waste.
P)Foreign country's freedom from a host country's laws.
Q)Any business that engages in transactions involving the movement of goods, information, money, people, or services across national borders.
R)Agreement among parties not to deal with a third party.
S)Similar patterns of conduct among competitors.
T)Exclusive right, usually for the author's life plus 70 years, to original works of authorship.
U)The judicial branch of the United Nations; has voluntary jurisdiction over nations.

Question 7

Match each statement with the correct term below.
-sexual harrassement

Accepted Answer

A) Conclusively presumed unreasonable and therefore illegal. 
B) Acquisition by one company of a competing company. 
C) Closed a loophole in the Copyright Act and clarified when Internet users can distribute copyrighted works. 
D) Plan detailing how a state will implement and maintian EPA air quality standards within its borders. 
E) An illegal form of discrimination that includes unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature.
F)Governmental taking of foreign-owned property for a public purpose with just payment.
G)Includes any note, stock, bond, preorganization subscription, and investment contract (any investment of money or property made in expectation of receiving a financial return solely from the efforts of others).
H)A signed writing by a shareholder authorizing a named person to vote her stock at a specified meeting of shareholders.
I)A general invitation to all shareholders to purchase their shares at a specified price for a specified time.
J)Not recognized by the common law or federal law, although some states have adopted statutes granting some form of this.
K)Intentional and knowing conduct.
L)Any credit transaction involving goods, services, or land for personal, household, or family purposes.
M)Governs contracts for international sales of goods between parties located in different nations that have ratified the treaty.
N)Rule that a court should not question the validity of actions taken by a foreign government in its own country.
O)Superfund; establishes the National Contingency Plan for responding to releases of hazardous substances and a trust fund to pay for removal and cleanup of hazardous waste.
P)Foreign country's freedom from a host country's laws.
Q)Any business that engages in transactions involving the movement of goods, information, money, people, or services across national borders.
R)Agreement among parties not to deal with a third party.
S)Similar patterns of conduct among competitors.
T)Exclusive right, usually for the author's life plus 70 years, to original works of authorship.
U)The judicial branch of the United Nations; has voluntary jurisdiction over nations. 
A) Conclusively presumed unreasonable and therefore illegal. 
B) Acquisition by one company of a competing company. 
C) Closed a loophole in the Copyright Act and clarified when Internet users can distribute copyrighted works. 
D) Plan detailing how a state will implement and maintian EPA air quality standards within its borders. 
E) An illegal form of discrimination that includes unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature.
F)Governmental taking of foreign-owned property for a public purpose with just payment.
G)Includes any note, stock, bond, preorganization subscription, and investment contract (any investment of money or property made in expectation of receiving a financial return solely from the efforts of others).
H)A signed writing by a shareholder authorizing a named person to vote her stock at a specified meeting of shareholders.
I)A general invitation to all shareholders to purchase their shares at a specified price for a specified time.
J)Not recognized by the common law or federal law, although some states have adopted statutes granting some form of this.
K)Intentional and knowing conduct.
L)Any credit transaction involving goods, services, or land for personal, household, or family purposes.
M)Governs contracts for international sales of goods between parties located in different nations that have ratified the treaty.
N)Rule that a court should not question the validity of actions taken by a foreign government in its own country.
O)Superfund; establishes the National Contingency Plan for responding to releases of hazardous substances and a trust fund to pay for removal and cleanup of hazardous waste.
P)Foreign country's freedom from a host country's laws.
Q)Any business that engages in transactions involving the movement of goods, information, money, people, or services across national borders.
R)Agreement among parties not to deal with a third party.
S)Similar patterns of conduct among competitors.
T)Exclusive right, usually for the author's life plus 70 years, to original works of authorship.
U)The judicial branch of the United Nations; has voluntary jurisdiction over nations.

Question 8

Businesses which wish to safeguard their technology while doing business in the international sector would not want to consider the use of wholly owned subsidiaries.

Accepted Answer

A) True 
 B)False

Question 9

Lawsuits based on the commercial activities of a foreign state conducted in the U.S.are subject to the jurisdiction of state or federal courts in the U.S.

Accepted Answer

A) True 
 B)False

Question 10

When a treaty and a right declared under a subsequent federal statute conflict,the treaty must prevail.

Accepted Answer

A) True 
 B)False

Question 11

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

Question 12

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

Accepted Answer

The basic purpose of the World Trade Org

Question 13

The General Agreement on Tariffs and Trade (GATT):

Accepted Answer

A) attempts to limit the practice of "dumping." 
B) is a general international antitrust agreement. 
C) seeks to prohibit discrimination on import regulations and prevent export fees and export quotas through the mechanism of the "most-favored nations" status. 
D) has successfully rid international trade of tariffs. 
A) attempts to limit the practice of "dumping." 
B) is a general international antitrust agreement. 
C) seeks to prohibit discrimination on import regulations and prevent export fees and export quotas through the mechanism of the "most-favored nations" status. 
D) has successfully rid international trade of tariffs.

Question 14

The __________ established the MIGA to encourage increased investment in developing nations.

Accepted Answer

A) World Bank 
B) Regional Trade Communities 
C) United Nations 
D) NAFTA 
A) World Bank 
B) Regional Trade Communities 
C) United Nations 
D) NAFTA

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Match each statement with the correct term below.
-NET Act

Accepted Answer

A) Conclusively presumed unreasonable and therefore illegal. 
B) Acquisition by one company of a competing company. 
C) Closed a loophole in the Copyright Act and clarified when Internet users can distribute copyrighted works. 
D) Plan detailing how a state will implement and maintian EPA air quality standards within its borders. 
E) An illegal form of discrimination that includes unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature.
F)Governmental taking of foreign-owned property for a public purpose with just payment.
G)Includes any note, stock, bond, preorganization subscription, and investment contract (any investment of money or property made in expectation of receiving a financial return solely from the efforts of others).
H)A signed writing by a shareholder authorizing a named person to vote her stock at a specified meeting of shareholders.
I)A general invitation to all shareholders to purchase their shares at a specified price for a specified time.
J)Not recognized by the common law or federal law, although some states have adopted statutes granting some form of this.
K)Intentional and knowing conduct.
L)Any credit transaction involving goods, services, or land for personal, household, or family purposes.
M)Governs contracts for international sales of goods between parties located in different nations that have ratified the treaty.
N)Rule that a court should not question the validity of actions taken by a foreign government in its own country.
O)Superfund; establishes the National Contingency Plan for responding to releases of hazardous substances and a trust fund to pay for removal and cleanup of hazardous waste.
P)Foreign country's freedom from a host country's laws.
Q)Any business that engages in transactions involving the movement of goods, information, money, people, or services across national borders.
R)Agreement among parties not to deal with a third party.
S)Similar patterns of conduct among competitors.
T)Exclusive right, usually for the author's life plus 70 years, to original works of authorship.
U)The judicial branch of the United Nations; has voluntary jurisdiction over nations. 
A) Conclusively presumed unreasonable and therefore illegal. 
B) Acquisition by one company of a competing company. 
C) Closed a loophole in the Copyright Act and clarified when Internet users can distribute copyrighted works. 
D) Plan detailing how a state will implement and maintian EPA air quality standards within its borders. 
E) An illegal form of discrimination that includes unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature.
F)Governmental taking of foreign-owned property for a public purpose with just payment.
G)Includes any note, stock, bond, preorganization subscription, and investment contract (any investment of money or property made in expectation of receiving a financial return solely from the efforts of others).
H)A signed writing by a shareholder authorizing a named person to vote her stock at a specified meeting of shareholders.
I)A general invitation to all shareholders to purchase their shares at a specified price for a specified time.
J)Not recognized by the common law or federal law, although some states have adopted statutes granting some form of this.
K)Intentional and knowing conduct.
L)Any credit transaction involving goods, services, or land for personal, household, or family purposes.
M)Governs contracts for international sales of goods between parties located in different nations that have ratified the treaty.
N)Rule that a court should not question the validity of actions taken by a foreign government in its own country.
O)Superfund; establishes the National Contingency Plan for responding to releases of hazardous substances and a trust fund to pay for removal and cleanup of hazardous waste.
P)Foreign country's freedom from a host country's laws.
Q)Any business that engages in transactions involving the movement of goods, information, money, people, or services across national borders.
R)Agreement among parties not to deal with a third party.
S)Similar patterns of conduct among competitors.
T)Exclusive right, usually for the author's life plus 70 years, to original works of authorship.
U)The judicial branch of the United Nations; has voluntary jurisdiction over nations.

Question 17

Assume that Denmark,a member of the European Community,is contemplating the enactment of a protective tariff for its fledgling electronics industry due to domestic political and economic pressures.Assume further that the EC has a tariff that it has also enacted for all electronics manufacturers within the EC that is considerably lower than the one that is being proposed in Denmark.The policy behind the lower EC tariff is to promote freer trade even at the risk of destroying some of the weaker manufacturers in that organization.In this situation:

Accepted Answer

A) Denmark could enact the higher tariff since EC members give up no authority to the organization in regulating trade and business practices. 
B) Generally, when EC economic policies conflict with the laws of member nations, EC law will prevail. Thus, Denmark's tariff may be illegal. 
C) Denmark could petition the United Nations Council of Economic Policy and if it concurs with Denmark, the EC tariff policy would be overridden. 
D) Assuming Denmark is a signatory to GATT, the General Agreement on Tariffs and Trade, it could retain its higher tariff since the purpose of GATT is to protect domestic industries by promoting higher tariffs. 
A) Denmark could enact the higher tariff since EC members give up no authority to the organization in regulating trade and business practices. 
B) Generally, when EC economic policies conflict with the laws of member nations, EC law will prevail. Thus, Denmark's tariff may be illegal. 
C) Denmark could petition the United Nations Council of Economic Policy and if it concurs with Denmark, the EC tariff policy would be overridden. 
D) Assuming Denmark is a signatory to GATT, the General Agreement on Tariffs and Trade, it could retain its higher tariff since the purpose of GATT is to protect domestic industries by promoting higher tariffs.

Question 18

Section 1 of the Sherman Act provides that U.S.antitrust laws shall have a narrow reach.

Accepted Answer

A) True 
 B)False

Question 19

The World Bank established the MIGA to eliminate the practice of dumping.

Accepted Answer

A) True 
 B)False

Question 20

The Foreign Sovereign Immunities Act specifically provides that a foreign state shall be immune from neither federal nor state court jurisdiction if the suit is based on which of the following?

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 U.S. 
D) All of the above. 
E) (a) and (b), but not (c). 
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 U.S. 
D) All of the above. 
E) (a) and (b), but not (c).

Exam 46: International Business Law

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

The United States belongs to which multinational treaty for patent protection?

The basic purpose of __________ is to facilitate the flow of trade by establishing agreements concerning potential trade barriers such as import quotas,customs,export regulations,subsidies,and import fees.

Assume a foreign nation has seized all of the property of an American corporation.The 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:

Match each statement with the correct term below. -sovereign immunity

Match each statement with the correct term below. -act of state doctrine

Match each statement with the correct term below. -sexual harrassement

Businesses which wish to safeguard their technology while doing business in the international sector would not want to consider the use of wholly owned subsidiaries.

Lawsuits based on the commercial activities of a foreign state conducted in the U.S.are subject to the jurisdiction of state or federal courts in the U.S.

When a treaty and a right declared under a subsequent federal statute conflict,the treaty must prevail.

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.

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

The General Agreement on Tariffs and Trade (GATT):

The __________ established the MIGA to encourage increased investment in developing nations.

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

Match each statement with the correct term below. -NET Act

Section 1 of the Sherman Act provides that U.S.antitrust laws shall have a narrow reach.

The World Bank established the MIGA to eliminate the practice of dumping.

The Foreign Sovereign Immunities Act specifically provides that a foreign state shall be immune from neither federal nor state court jurisdiction if the suit is based on which of the following?

Introduction to Law

Business Ethics

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

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Relationship of Principal and Agent

Relationship With Third Parties

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporations

Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

Environmental Law

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

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

Filters