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- 1. Multiple Choice
The Arms Export Control Act created the World Trade Organization (WTO) to stimulate international commerce and resolve trade disputes.
TRUE
FALSE
- 2. Multiple Choice
After an imported good is classified, custom officials impose the appropriate duty ________________, meaning “according to the value of the goods”
Expropriation
Ad Valorem
Repatriation of Profits
Dumping
- 3. Multiple Choice
______________________ occurs when an investing company pulls its earnings out of a foreign country and takes them back home.
Ad Valorem
Expropriation
Repatriation of Profits
Dumping
- 4. Multiple Choice
The General Agreement on Tariffs and Trade (GATT) is an international treaty whose sole purpose is to eliminate trade barriers and bolster commerce.
TRUE
FALSE
- 5. Multiple Choice
Sovereign Immunity holds that the courts of one nation lack the jurisdiction (power) to hear suits against foreign governments. But there are 3 possible exceptions to it; Choice of Forum, Choice of Language/Currency and Letter of Credit.
TRUE
FALSE
- 6. Multiple Choice
The Arms Export Control Act permits the President to create a second list of controlled goods, all related to military weaponry.
TRUE
FALSE
- 7. Multiple Choice
The main goal of the North American Free Trade Agreement (NAFTA) is to eliminate almost all trade barriers between Canada, United States and Mexico.
TRUE
FALSE
- 8. Multiple Choice
When an entrepreneur decides to work with a foreign company, an international sales contract must put in place and there are 4 requirements to keep in mind. The requirements are Waiver, Commercial Activity, Violation of International Law and Expropriation.
TRUE
FALSE
- 9. Multiple Choice
When a government takes property owned by foreign investors, it is called ______________________.
Dumping
Expropriation
Ad Valorem
Repatriation of Profits
- 10. Multiple Choice
A Singapore company makes cell phones for $20, and sells them for $12 in the US, undercutting domestic American competitors. This is an example of
Ad Valorem
Repatriation of Profits
Dumping
Expropriation
- 11. Multiple Choice
When US companies do business with subsidiaries, foreign companies that they can control, they need to follow US laws.
TRUE
FALSE
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