international business and law (ba 3304)

Which of the following is a dispute settlement organ of the WTO that is charged with administering and carrying out the Dispute Settlement Understanding?

Appellate Body

The ________ is an intergovernmental organization, headquartered in Basel, which functions as a bank for the world's central banks.

Bank of International Settlements

________ are laws enacted in some countries to obstruct the extraterritorial application of U.S.antitrust laws by limiting a plaintiff's right to obtain evidence or to enforce a judgment, and that allows a defendant to bring suit locally to recover punitive damages paid in the United States.

Blocking statutes

The ________ is an agreement between a host state and a foreign investor that says that the investor will not seek the diplomatic assistance of his, her, or its home state in resolving disputes with the host state.

Calvo Clause

Only countries that are parties to the Climate Change Convention or the ________ are eligible to receive funds from the Global Environment Facility (GEF).

Convention on Biological Diversity

Accounts in domestic banks that are maintained and paid in a foreign currency are generally known as ________.

Eurocurrency deposits

________ is the state's taking or deprivation of the property of foreigners.

Expropriation

________ is the proposal of developing countries that would establish a Common Fund to underwrite the costs of maintaining a buffer stock of primary commodities as a way to stabilize supplies.

Integrated Program for Commodities

The ________ is a specialized agency of the United Nations responsible for promoting international efforts to improve working conditions, living standards, and the equitable treatment of workers worldwide.

International Labor Organization

The Treaty Establishing the European Community and the ________ of 2010 are the principal sources of law in the EU, pertaining to business between and among its member states.

Lisbon Treaty

The ________ is a body of the World Bank that provides political risk insurance guarantees to private sector investors and lenders.

Multilateral Investment Guaranty Agency

Under the CISG, the fixing by the buyer of an additional reasonable period of time in which the seller may perform is known as ________.

Nachfrist notice

The ________ establishes an international mechanism that allows inventors to make a single application for patent protection that is equivalent to making a filing in all member states.

Patent Corporation Treaty

The ________ was issued by the United Nations Conference on the Environment and Development and it linked protection of the environment and development as related goals.

Rio Declaration

________ prohibits contracts, agreements, and conspiracies that restrain interstate or international trade.

Section 1 of the Sherman Act

________ is based on principles found in the Koran and related writings.

Shari'a

The ________ is a GATT scheme that allows developing states to grant tariff preferences to each other without having to grant them to developed states.

South-South Preferences

Which of the following is the reserve currency used by the IMF?

Special Drawing Right (SDR)

The ________ is a law enacted by the United States in 1968 that authorizes the Securities and Exchange Commission to issue rules regulating takeover bids.

Williams Act

The ________ was created in 1967 with the adoption of the Stockholm Convention.

World Intellectual Property Organization

Which of the following describes a spot contract?

a contact for the immediate sale and delivery of a commodity, such as a currency

A group of states that have reduced or eliminated trade barriers among themselves and have established a common external tariff is called ________.

a customs unions

According to the doctrine of imputability, ________.

a state is only responsible for actions that are attributable to it

The doctrine of international standard of care states that ________.

a state is responsible for injuring an alien when the state's conduct violates international norms

Which of the following is true of a subsidiary?

a subsidiary insulates the parent company from unlimited liability

A(n) ________ is a subsidy that may be challenged as trade distorting if it injures the domestic industry of another WTO member state, nullifies or impairs the benefits due to another member state, or causes or threatens to cause serious prejudice to the interests of another member state.

actionable subsidy

Which of the following categories can claim priority while applying for a permanent visa as established by the U.S. Immigration and Nationality Act?

aliens with special skills

Which of the following is true of a company's agent situated in a foreign country?

an agent is not subject to the law of the parent-nation

Unlike the U.S. Uniform Commercial Code and some other domestic sales laws, the CISG rules on risk of loss are not concerned with breach of contract. Which of the following contracts is an exception to this?

an in-transit contract

The CISG differs from the United States Uniform Commercial Code (UCC) in that the CISG ________.

applies sales laws only to merchants

Visas are different from passports in that visas ________.

are issued by the host nation

The ________ is a provision in a contract designating the state whose law will govern disputes relating to the contract.

choice of law clause

The practice or courtesy existing between states of treating each other with goodwill and civility is called ________.

comity

The process by which an impartial third party makes an independent investigation and suggests a solution to a dispute is called ________.

conciliation

Which of the following are sponsored by the ILO when there is substantial agreement in the international community about a particular labor practice?

conventions

________ are legally binding agreements between states sponsored by international organizations.

conventions

In civil law countries, a(n) ________ is any private wrong or injury, or a minor public wrong or injury.

delict

________ is a form of international dispute settlement that attempts to reconcile parties to a disagreement by use of negotiation, mediation, or inquiry.

diplomacy

In municipal law, the right of a government to "take" property for public purposes is known as ________.

eminent domain

Depriving a person or company of private property without compensation is called ________.

expropriation

Parties to multilateral agreements are prevented from entering into bilateral arrangements.

false

The parts of a state's economy in which foreigners are encouraged to invest are called ________.

foreign priority sector

The ________ is a provision in a contract designating a particular court or tribunal to resolve any dispute that may arise concerning the contract.

forum selection clause

________ are areas in international airports and harbors where travelers can buy goods free of local sales and excise taxes.

free retail zones

A ________ is a group of states that have reduced or eliminated tariffs among themselves but that maintain their own individual tariffs in dealing with other states.

free trade area

A free zone located within or near a port city is called a(n) ________.

free trade zone

________ are geographical areas wherein goods may be imported and exported free from customs tariffs and in which a variety of trade-related activities may be carried on.

free zones

Patents differ from copyrights in that, patents ________.

give its owner the exclusive right to use or sell a particular product

The ________ doctrine holds that courts should apply the law of the nation-state that has the most interest in determining the outcome of the dispute.

governmental interest

An international multinational enterprise differs from a multinational enterprise in that an international multinational enterprise ________.

has two or more parent companies located in different states

The United Nations is a type of ________.

intergovernmental organization

A subsidiary differs from a branch in that a subsidiary ________.

is a company organized as a separate legal entity that is owned by the parent

Which of the following is true of the CISG's risk allocation between parties of a contract?

it allows parties to use intercoms for risk allocation

Which of the following is true of the Visa Waiver Program?

it allows tourists to stay in a host nation for a limited time without a visa

In case of a person with dual citizenship, which of the following is true about using the lack of nationality objection for the two countries involved?

it cannot be used against the country of master nationality by the other country

Which of the following is true of the composition of the International Court of Justice?

it is composed for 15 judges

Which of the following is true of the World Trade Organization (WTO)?

it is responsible for implementing and enforcing the rules of international trade between nations

Which of the following characterizes arbitration?

it is the process by which parties to a dispute submit their differences to the judgment of an impartial third person or group selected by mutual consent

Which of the following is true of the International Criminal Court?

its jurisdiction and function are governed by Rome Statues

Which of the following is true of the International Fund for Agricultural Development (IFAD)?

its membership is open to any member of the UN

The common law of Europe is called the ________.

jus commune

Which of the following terms refers to a GATS requirement that a WTO member state accord to services and service suppliers of other member states treatment no less favorable than that listed in its GATS Schedule of Specific Commitments?

market access

The ________ is the money used to define the amount of an obligation.

money of account

A round is a meeting of the contracting parties of GATT to participate in ________.

multilateral trade negotiations

A(n) ________ is a business firm operating branches, subsidiaries, or joint ventures in two or more states.

multinational enterprise

Once goods are legally imported, they must be treated the same way as domestic goods. This is called ________.

national treatment

Acquisition by a state of property previously held by private persons or companies, usually in exchange for some consideration is called ________.

nationalization

A(n) ________ is a domestic firm that operates internationally through independent foreign agents.

non multinational enterprise

Which of the following terms refers to the assurance of a host government that foreign investors will be treated the same way as local investors?

nondiscrimination guarantee

Which of the following statements is true regarding the World Intellectual Property Organization (WIPO)?

one of the responsibilities of the WIPO is resolving internet domain disputes

The OPIC provides insurance for creeping expropriations ________.

only if the investor is willing to give up all claims to the investment

Which of the following is a type of regulation against hiring foreign workers?

percentile legislation

The ________ states that a statute or treaty is to be interpreted only from the words contained within the statute or treaty.

plain meaning rule

Products obtained by extraction or harvest that require minimal processing before being used are called ________.

primary commodities

The UN's Convention on Contracts for the International Sale of Goods (CISG) differs from the Convention Relating to a Uniform Law on the Formation of Contracts for the International Sale of Goods (ULF) in that the CISG ________.

represents all major legal systems

The parts of a state's economy that are not fully open to foreign investors are called ________.

restricted sectors

The ________ is a court-adopted rule that allows a reviewing court to consider the overall impact of a particular agreement on competition within its relevant market.

rule of reason

The ________ is a rule applied by courts on a case-by-case basis requiring them to consider all of the circumstances in deciding whether a restrictive practice should be prohibited as imposing an unreasonable restraint on competition in violation of Sherman

rule of reason

A(n) ________ is an emergency action that a WTO member state may take in order to protect its domestic industry from serious injury due to a sudden increase in the quantity of an imported product.

safeguard

Which of the following sections of the IMF Articles of Agreement requires a member to buy its own currency from other members who have acquired it as the result of current transactions?

section 4 of article VIII

________ are situations that excuse a WTO member state from complying with its GATT obligations when those are in conflict with its essential security interests or its duties under the United Nations Charter.

security expectations

GATS differs from NAFTA in that GATS ________.

specifically defines four basic modes of supply

________ promise foreign investors that the host government will not change its tax, foreign exchange, or other legal régime for a certain period of time, or that changes subsequent to the establishment of an enterprise will not affect that enterprise.

stabilization clause

A doctrine which states that all persons, including the sovereign, are subordinate to the rule of law is called the ________.

supremacy of the law

________ are mandatory laws and provisions that specify the characteristics of products; the processes and production methods for creating products; and the terminology, symbols, packaging, marking, or labeling requirements for products, processes, or production methods.

technical regulations

Which of the following IMF facilities essentially acts as bridging loans provided to member states while the IMF deliberates about whether to provide other funds to the particular member state?

the Standby Arrangement

Which of the following international treaty on global warming was adopted with the Rio Declaration?

the United Nations Framework Convention on Climate Change

Which of the following is a relation between the World Bank and the Global Environment Facility (GEF)?

the World Bank is responsible for managing the Trust Fund of the GEF

Which of the following is true of corporations and companies being treated as separate legal entities?

the liability of the owners becomes limited to their investment in their company

Which of the following is true of damages under the CISG?

the party claiming damages is under an obligation to mitigate losses

Which of the following features is covered in the CISG?

the remedies available to the buyer

To determine if CISG applies to a particular contractual issue, one must look to the convention itself. If the convention does apply, domestic law is preempted. This means that ________.

the remedies provided in CISG are the only remedies available

Which of the following features of a contract is excluded from the CISG?

the rights of third parties

Which of the following is true of NAFTA members' right to change the limitations on their sectoral list?

they cannot make it more restrictive than it is

Which of the following would be a valid reason for the parent company to convert a branch into a locally organized subsidiary?

to insulate the parent company from local liability

A ________ is a legally binding agreement between two or more states.

treaty

Cross-licensing agreements that involve any territorial restraint with respect to the manufacture, use, or marketing of goods are invalid.

true

The Patent Cooperation Treaty establishes an international mechanism that allows inventors to make a single application for patent protection that is equivalent to making a filing in all member states.

true

The World Intellectual Property Organization is responsible for administering the Paris and Berne Conventions.

true

When the TRIPS Agreement came into effect, the minimum term of protection for patents was set at 20 years for WTO member states.

true