Chap033 - Chapter 033 : International Business Law Chapter...

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Chapter 033 : International Business Law Chapter 033 : International Business Law Student: ___________________________________________________________________________ 1. Although the use of English as the language of business is increasing, cultural differences, disparate legal systems, and fluctuating exchange rates remain major obstacles to conducting business internationally. BT: Knowledge PO: 1 True False 2. The study of organizations that regulate personal and commercial activity and facilitate international trade is not within the scope of international law. BT: Knowledge PO: 2 True False 3. In modern times, customary practices and treaties are the major sources of international law which are recognized in the Statute of the International Court of Justice. BT: Knowledge PO: 2 True False 4. A transnational institution's purpose is to maintain regular transactions in trade. BT: Knowledge PO: 4 True False 5. The International Labour Organization (ILO) is responsible for overseeing the implementation of all multinational trade agreements negotiated now or in the future. BT: Knowledge PO: 4 True False
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6. The World Bank works closely with the International Monetary Fund to ensure that developing countries have access to funds in order to stimulate their economies. BT: Knowledge PO: 4 True False 7. In order to promote trade, the United States, Canada, and Mexico have agreed to follow the rules of the North American Free Trade Agreement. BT: Knowledge PO: 4 True False 8. In 1994, 12 countries in Europe formed what is expected to eventually become "Greenland," an economic and political integration of the members into one entity. BT: Knowledge PO: 4 True False 9. Companies that conduct business in several countries face the challenge of having to comply with a variety of legal systems that sometimes conflict with one another. BT: Knowledge PO: 5 True False 10. In addition to trade sanctions and embargoes, at times a country will impose a tariff on imports or exports to attain economic results. BT: Knowledge PO: 5 True False 11. Domestication occurs when the host country takes title to all of the assets of the foreign company. BT: Knowledge PO: 5 True False
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12. Confiscation, does not involve the host country's taking title to all of the assets of the foreign company. BT: Knowledge PO: 5 True False 13. In 1977, the United States passed the Foreign Corrupt Practices Act (FCPA), which is a federal statute designed to provide executives of American companies with rules and restrictions relating to paying persons in foreign countries to expedite business in these foreign nations. BT: Knowledge PO: 6 True False 14. In some countries outside of the United States, it is perfectly acceptable that there will be payments made to individuals in order to secure their business. BT: Knowledge
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This note was uploaded on 09/25/2011 for the course GENB 4350 taught by Professor Louis during the Spring '11 term at Houston Baptist.

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Chap033 - Chapter 033 : International Business Law Chapter...

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