Chapter 8 (International Business Law & Its Environment)

A law granting favorable tariff treatment to imports for developing countries is called a:

Trade preference

____ is not a non-tariff barrier. A) special licenses for importing. B) Unconditional MFN trade. C) Quota on imported products. D) Bureaucratic "red tape" in the customs or import process

B) Unconditional MFN trade

The import-Export Clause of the US Constitution specifically prohibits states from taxing:

Both imports and exports

A means to prevent multiple taxation by a state or multinational corporation is to offer the taxpayer a:

"Water's edge election"

A free trade agreement usually refers to one with:

A "free trade area" providing favorable tariff treatment, often based on geography.

The ____ vests the federal government with exclusive control over foreign commerce:

Commerce Clause

The court of record with original jurisdiction to hear a dispute about the trade or tariff laws of the US is:

Court of International Trade

When the US Congress enacts a scheme of legislation in an area that prevails over inconsistent state regulation, the acts of Congress will prevail under the:

Doctrine of federal preemption

A states' authority to tax a business engaged in foreign commerce may be determined by whether or not the imposed tax:

Results in multiple taxation

The Trade Reform Act of 1974 created a "fast track" process for approving trade agreements, know as the president's:

Trade promotion authority