Adam smith supported international trade because a

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Business Law and the Legal Environment, Standard Edition
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Chapter 3 / Exercise 1
Business Law and the Legal Environment, Standard Edition
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80. Adam Smith supported international trade because:a. countries could focus on what they did well and then trade with other countries for goods and services they did not do so well.b. he felt tariffs were the best way to raise money for government purposes.c. companies could operate without regulation.d. none of the aboveANSWER:
aPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: Reflective ThinkingSTATE STANDARDS: United States - OH - AICPA: BB-LegalTOPICS: Sources of International LawKEYWORDS: Bloom's: Comprehension81. The Alternative Fines Act:
dPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: Reflective ThinkingSTATE STANDARDS: United States - OH - AICPA: BB-LegalTOPICS: Trust, Corruption, Trade, and EconomicsKEYWORDS: Bloom's: Comprehension82. Andre Dubai is the CEO of Lacota, a firm headquartered in Portugal. Lacota has acquired 10 companies in the United States. One of the companies is publicly traded on NASDAQ. Lacota does not have the reporting mechanisms, ethics codes, or board structure for its NASDAQ company that are required under U.S. laws for publicly traded companies. Dubai says that he and Lacota have sovereign immunity from U.S. laws.
cPOINTS: 1DIFFICULTY: ChallengingNATIONAL STANDARDS: United States - BUSPROG: Reflective ThinkingSTATE STANDARDS: United States - OH - AICPA: BB-LegalTOPICS: Principles of International LawKEYWORDS: Bloom's: Synthesis
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Business Law and the Legal Environment, Standard Edition
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Chapter 3 / Exercise 1
Business Law and the Legal Environment, Standard Edition
Beatty
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83. Sunoco Oil Company had long-term oil supply contracts with KW, an oil company in Kuwait. The contracts were negotiated in 1989. The contracts ran smoothly until 1990, when armed forces from Iraq took possession of the oil-producing facilities of Kuwait. The eventual result was the Persian Gulf War which began in early 1991. Sunoco's oil was not delivered for over one year. Sunoco wishes to know its damage rights against KW for the year-long interruption in its oil supply.

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