TBCh25F - CHAPTER 25 International Business and Transactions TRUE-FALSE QUESTIONS 1 The principle of equity is unique to civil law legal systems ANSWER

TBCh25F - CHAPTER 25 International Business and...

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C H A P T E R 2 5International Business and TransactionsTRUE-FALSEQUESTIONS1.The principle of equity is unique to civil law legal systems.ANSWER: FalseSKILL LEVEL: AACSB DiversityOBJECTIVE: AICPA Legal2.There are no differences between the U.S. and English common law systems.ANSWER: FalseSKILL LEVEL: AACSB DiversityOBJECTIVE: AICPA Legal3.The traditional Islamic rules and laws that regulate Muslim life are called Sharia.ANSWER: TrueSKILL LEVEL: AACSB DiversityOBJECTIVE: AICPA Legal4.Customary practice arises from legislative action.ANSWER: FalseSKILL LEVEL: AACSB AnalyticOBJECTIVE: AICPA Legal5.Courts on a national, as well as an international level, are sources of international law.ANSWER: TrueSKILL LEVEL: AACSB DiversityOBJECTIVE: AICPA Legal6.If a host country compensates a company for lost assets, that process of nationalization is referred to as expropriation.ANSWER: TrueSKILL LEVEL: AACSB AnalyticOBJECTIVE: AICPA Legal7. U.S. trade laws are enacted by the Congress pursuant to the treaty power of the U.S. Constitution.ANSWER: FalseSKILL LEVEL: AACSB AnalyticOBJECTIVE: AICPA Legal124
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125MANAGERS AND THE LEGAL ENVIRONMENT8. The President administers U.S. trade laws pursuant to the authority delegated to him by the U.S. Constitution.ANSWER: FalseSKILL LEVEL: AACSB AnalyticOBJECTIVE: AICPA Legal9.A multinational company must obey only the business transaction laws of its home country.ANSWER: FalseSKILL LEVEL: AACSB DiversityOBJECTIVE: AICPA Legal10.Countries are prohibited by international law from regulating the percentage of foreign ownership of businesses that are incorporated within their borders.ANSWER: FalseSKILL LEVEL: AACSB DiversityOBJECTIVE: AICPA Legal11.Codification is a process by which existing common law positions are restated and laid down in a statute.ANSWER: TrueSKILL LEVEL: AACSB AnalyticOBJECTIVE: AICPA Legal12. The Department of the State administers embargoes imposed on U.S. trade with countries such as Iraq, Cuba, and North Korea.ANSWER: FalseSKILL LEVEL: AACSB AnalyticOBJECTIVE: AICPA Legal13. Tariffs are a means by which imports may be restricted.ANSWER: TrueSKILL LEVEL: AACSB AnalyticOBJECTIVE: AICPA Legal14. The antidumping law is the most frequently used U.S. import-relief law.ANSWER: TrueSKILL LEVEL: AACSB AnalyticOBJECTIVE: AICPA Legal15. Certain commodities and technical data may not be exported without an export license from the U.S. Commerce Department.ANSWER: TrueSKILL LEVEL: AACSB AnalyticOBJECTIVE: AICPA Legal
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CHAPTER 25 INTERNATIONAL BUSINESS12616. The transfer of technical data to a foreign citizen while present in the U.S. is generally not considered to be an export.ANSWER: FalseSKILL LEVEL: AACSB AnalyticOBJECTIVE: AICPA Legal17.A political union represents the agreement of countries regarding constitutional systems.
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