Question 1

The Department of State administers embargoes imposed on U.S.trade with countries such as Iraq,Cuba,and North Korea.

Accepted Answer

The Department of the Treasury, through its Office of Foreign Assets Control (OFAC), administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction.

Question 2

In India,Hindu law is applied to most commercial transactions.

Accepted Answer

Hindu law is not applied to commercial transactions in India. Commercial transactions are governed by various laws such as the Indian Contract Act, Sale of Goods Act, Companies Act, etc.

Question 3

Choice-of-law provisions in a contract seek to avoid later disputes over which law applies.

Accepted Answer

Choice-of-law provisions explicitly state which jurisdiction's laws will govern a contract. By including this provision in a contract, the parties can avoid potential disputes over which law should apply if a disagreement arises.

Question 4

The antidumping law is the most frequently used U.S.import-relief law.

Accepted Answer

The antidumping law is indeed the most frequently used U.S. import-relief law.

Question 5

A preference given by a country to domestic products in government procurement is a type of nontariff barrier to trade.

Accepted Answer

A preference given to domestic products in government procurement is a type of discrimination against foreign products and restricts their access to the domestic market. It is a form of nontariff trade barrier that can limit international competition and violate international trade rules.

Question 6

The transfer of technical data to a foreign citizen while present in the U.S.is generally not considered to be an export.

Accepted Answer

The answer of The transfer of technical data to a...

Question 7

The principle of equity is unique to civil law legal systems.

Accepted Answer

The principle of equity exists in both common law and civil law legal systems.

Question 8

The traditional Islamic rules and laws that regulate Muslim life are called Sharia.

Accepted Answer

Sharia is the term used to refer to the body of Islamic law that regulates Muslim life. It covers a wide range of topics including religious practices, morality, customs, and social conventions. Sharia is derived from the teachings of the Quran and the Sunnah, and is based on the principles of justice, equality, and compassion. It is considered to be the most sacred and authoritative source of guidance for Muslims.

Question 9

Codification is a process by which existing common law positions are restated and laid down in a statute.

Accepted Answer

Codification involves putting existing common law positions into a statute.

Question 10

Section 301 of the Trade Act of 1974 is the principal U.S.statute addressing unfair foreign practices affecting U.S.exports of goods or services.

Accepted Answer

Section 301 of the Trade Act of 1974 is indeed the principal U.S. statute that addresses unfair foreign practices impacting U.S. exports of goods or services.

Question 11

Countries are prohibited by international law from regulating the percentage of foreign ownership of businesses that are incorporated within their borders.

Accepted Answer

While some countries have placed restrictions on foreign ownership in specific industries, such as media or defense, there is no blanket prohibition under international law against regulating foreign ownership of businesses incorporated within a country's borders. Each country is free to establish its own laws and regulations in this regard.

Question 12

Under Islamic law,"Zakat" is the allocation of certain taxes to deprived and poor people as a welfare contribution.

Accepted Answer

Zakat is one of the five pillars of Islam and is a mandatory contribution or tax paid by Muslims to help those in need, including the poor, orphans, the elderly and the sick.

Question 13

Customary practice arises from legislative action.

Accepted Answer

Customary practice refers to behaviors or actions that have become accepted or routine in a certain social or professional context over time. While these practices may sometimes align with legal requirements, they do not necessarily arise directly from legislative action.

Question 14

U.S.trade laws are enacted by the Congress pursuant to the treaty power of the U.S.Constitution.

Accepted Answer

U.S. trade laws are enacted by Congress pursuant to its power to regulate commerce with foreign nations, which is granted by the Commerce Clause of the U.S. Constitution, not the treaty power.

Question 15

Civil law systems are found in areas besides Europe.

Accepted Answer

Civil law systems are also found in Latin America, parts of Africa, and parts of Asia.

Question 16

Civil law systems are based on British law.

Accepted Answer

Civil law systems are based on Roman law, not British law. Common law systems are based on British law.

Question 17

Tariffs are a means by which imports may be limited.

Accepted Answer

Tariffs are a tax placed on imported goods, which can increase their cost and make them less desirable for domestic consumers. This can limit the amount of imports and protect domestic industries.

Question 18

A political union represents the agreement of countries regarding constitutional systems.

Accepted Answer

A political union typically refers to a type of state which is composed of or created out of smaller states, regions, or territories, over which it exercises political control, and it often involves a degree of sovereignty sharing or integration in areas such as foreign policy and defense, rather than merely an agreement on constitutional systems.

Question 19

Most western European countries use the "American rule" whereby each party,win or lose,generally pays its own attorney fees.

Accepted Answer

Most Western European countries follow the "English rule," where the losing party pays the attorney fees of the winning party, unlike the "American rule" used in the United States.

Question 20

Some countries require employers to fund employee benefits that are not expected in the U.S.

Accepted Answer

In many countries, employers are legally required to provide benefits such as paid vacation, healthcare, and parental leave, while in the U.S. these benefits are not mandated by law.

Quiz 24: International Business