TBCh25F - CHAPTER 25 International Business and...

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C H A P T E R 2 5 International Business and Transactions T RUE -F ALSE Q UESTIONS 1. The principle of equity is unique to civil law legal systems. ANSWER: False SKILL LEVEL: AACSB Diversity OBJECTIVE: AICPA Legal 2. There are no differences between the U.S. and English common law systems. ANSWER: False SKILL LEVEL: AACSB Diversity OBJECTIVE: AICPA Legal 3. The traditional Islamic rules and laws that regulate Muslim life are called Sharia. ANSWER: True SKILL LEVEL: AACSB Diversity OBJECTIVE: AICPA Legal 4. Customary practice arises from legislative action. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 5. Courts on a national, as well as an international level, are sources of international law. ANSWER: True SKILL LEVEL: AACSB Diversity OBJECTIVE: AICPA Legal 6. If a host country compensates a company for lost assets, that process of nationalization is referred to as expropriation. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 7. U.S. trade laws are enacted by the Congress pursuant to the treaty power of the U.S. Constitution. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 124
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125 MANAGERS AND THE LEGAL ENVIRONMENT 8. The President administers U.S. trade laws pursuant to the authority delegated to him by the U.S. Constitution. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 9. A multinational company must obey only the business transaction laws of its home country. ANSWER: False SKILL LEVEL: AACSB Diversity OBJECTIVE: AICPA Legal 10. Countries are prohibited by international law from regulating the percentage of foreign ownership of businesses that are incorporated within their borders. ANSWER: False SKILL LEVEL: AACSB Diversity OBJECTIVE: AICPA Legal 11. Codification is a process by which existing common law positions are restated and laid down in a statute. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 12. The Department of the State administers embargoes imposed on U.S. trade with countries such as Iraq, Cuba, and North Korea. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 13. Tariffs are a means by which imports may be restricted. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 14. The antidumping law is the most frequently used U.S. import-relief law. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 15. Certain commodities and technical data may not be exported without an export license from the U.S. Commerce Department. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal
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CHAPTER 25 INTERNATIONAL BUSINESS 126 16. The transfer of technical data to a foreign citizen while present in the U.S. is generally not considered to be an export. ANSWER:
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TBCh25F - CHAPTER 25 International Business and...

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