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International Law Essay

2069 words - 9 pages

CHAPTER 1—INTRODUCTION TO INTERNATIONAL BUSINESS

TRUE/FALSE

1. Customs brokers are government inspection officials who regulate the shipment of goods in and out of the country.

ANS: F PTS: 1

2. Global sourcing is the term commonly used to describe the process by which a firm attempts to locate and purchase goods or services on a worldwide basis.

ANS: T PTS: 1

3. Nontariff barriers have a significant influence on how firms make their trade and investment decisions.

ANS: T PTS: 1

4. The U.S.'s largest trading partner is Canada.

ANS: T PTS: 1

5. Small and medium-size companies have little to contribute to the international marketplace.

ANS: F PTS: 1

6. ...view middle of the document...

ANS: T PTS: 1

15. Indirect exporting but not direct exporting involves sales through sales agents or to foreign distributors.

ANS: F PTS: 1

16. International licensing agreements are contracts by which the holder of intellectual property grants certain rights in that property to a foreign firm for a specified period of time.

ANS: T PTS: 1

17. A transfer of technology is governed by an international licensing agreement.

ANS: T PTS: 1

18. Foreign investment refers to the ownership and active control of ongoing business concerns.

ANS: T PTS: 1

19. A host country refers to the country under whose laws the investing corporation was created or is headquartered.

ANS: F PTS: 1

20. A home country refers to the country under whose laws the investing corporation was created or is incorporated.

ANS: T PTS: 1

21. Currency exchange risk cannot be managed because the fluctuations of currencies cannot be predicted.

ANS: F PTS: 1

22. Government seizure of foreign assets is an example of international law risk.

ANS: F PTS: 1

23. Information to research foreign countries, markets, and trade agents is limited.

ANS: F PTS: 1

24. Freight forwarders act as the buyer's or importer's agent.

ANS: F PTS: 1

25. Freight forwarders act as the seller's or exporter's agent.

ANS: T PTS: 1

MULTIPLE CHOICE

1. In Dayan v. McDonald's Corporation, the court ruled that:
a.|McDonald's quality standards were inadequate under French law.|
b.|The McDonald's franchise contract was illegal under French law.|
c.|McDonald's had fulfilled its responsibility to the franchisee in France under U.S. law.|
d.|The French do not like hamburgers.|

ANS: C PTS: 1

2. The type of risk that includes controls on exports, imports, controls on the movement of currency, restrictions on licensing and investment, and controls over physical property located in a country is:
a.|Legal risk.|
b.|Political risk.|
c.|Economic risk.|
d.|Currency risk.|

ANS: B PTS: 1

3. Tariffs on imported products are imposed for which of the following reasons:
a.|Collection of revenue.|
b.|Protection of domestic industries.|
c.|To assert political objectives.|
d.|All of the above.|

ANS: D PTS: 1

4. Two examples of nontariff barriers that refer to quantitative restrictions on importing and a total or near total ban on trade respectively are:
a.|Partial embargoes, embargoes.|
b.|Trade seizures, limits.|
c.|Embargoes, quotas.|
d.|Quotas, embargoes.|

ANS: D PTS: 1

5. The shipment of goods or rendering of services to a foreign buyer located in a foreign country is:
a.|Importing.|
b.|Exporting.|
c.|Foreign exchange.|
d.|A and B.|

ANS: B PTS: 1

6. The process of buying goods from a foreign supplier and entering them into the customs territory of a different country is:
a.|Exporting.|
b.|International exchange.|
c.|Trade by design.|
d.|None of the above.|

ANS: D PTS: 1

7. The...

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