BULW 3300 Chapter 7
In order to control what enters the U.S., Congress may:
-prohibit the import of certain goods. -create import quotas. -tax imported goods.
International organizations, such as the United Nations, provide regulatory guidance to their member nations through:
-the adoption of standards. -the establishment of uniform rules.
The goal of the United States-Mexico-Canada Agreement (USMCA), formerly known as NAFTA, is to:
eliminate trade barriers between the three countries over a period of time.
Expropriation occurs when a foreign government seizes the property of a U.S. business operating in that country:
with just compensation.
Which of the following are the 3 places a court may look to as a source of international law?
international treaties international customs international organizations
Which of the following are tactics that Congress can use to control exporting?
-Setting quotas -Employing subsidies
Two types of trade barriers:
-The imposition of taxes on the import of bananas -The requirement that any beauty product manufactured abroad be tested on animals
International laws primarily differ from U.S. laws in which of the following respects?
-who is bound by the law -who can interpret the law -how the law is created
Which of the following is true about the International Court of Justice?
1. The jurisdiction of the court is limited to hearing cases from countries which agree to be bound by its decision. 2. Only a country may initiate a case on behalf of individuals in this court. 3. Only a country may initiate a case on behalf of individuals in this court.
A common law system differs from a civil law system in which of the following ways?
A common law system relies primarily on case law.
How are tariffs used to control imports?
Tariffs increase the cost of a product by taxing the importation.
If a business owner's property in a foreign country is confiscated, what remedy is available?
The company can try to convince the U.S. to intervene and try to negotiate a settlement with the foreign country.
What is a type of agreement that allows a foreign firm to market and sell a U.S. company's products in a foreign country?
distribution agreement
Donnell Enterprises is a U.S. Company operating in France. France decides to build a national highway that will run right through the real estate where Donnell Enterprises is located. Can France legally take the property from Donnell Enterprises?
Yes, France can legally take the property from Donnell Enterprises if France pays Donnell Enterprises just compensation.
What would a nation use to set limits on the number of goods being imported?
a quota
An agreement or contract between two or more countries that must be authorized and ratified by the governments of each country is what type of international law?
a treaty
When a U.S. employer does business abroad, whose laws govern the business?
both U.S. law and the foreign nation's law
In order for the provisions of a treaty to apply to a country, the country must:
have ratified the treaty.
An antidumping duty is used by the United States for what purpose?
to discourage importers from underselling U.S. businesses
Susan imports pottery from Spain. Under federal law, the pottery that Susan imports from Spain is taxed three times as much as pottery that Susan obtains from suppliers in the United States. The federal law that taxes Susan's imports more than products made in the United States:
violates the General Agreement on Tariffs and Trade (GATT), and the World Trade Organization (WTO) will require the United States to change its law.
A choice-of-law clause in an international contract will determine:
which country's law will apply in the event of a dispute.
For an international arbitration to take place under the New York Convention, which of the following must be true?
-The parties must have a written agreement for arbitration. -The agreement to arbitration clause arises out of a commercial legal relationship.
You play drums in a band that is very popular on your campus. In addition to playing other groups' hit songs, your band plays music that you write. One of your songs has gone viral and has over five million "likes" on Facebook. Your band copyrighted this song and is selling the single via iTunes. You learn that someone in Spain is selling downloads of the song without your permission. You want to stop the unauthorized sales. You are aware of the Berne Convention, an international treaty that would require Spain to recognize your copyright and enable you to enforce your rights in that country. You are thrilled that this treaty exists and you wonder how it came into existence. How are international agreements like the Berne Convention adopted?
Treaties must be approved by the supreme power of each nation. In the United States, approval by both the president and the Senate is required. The treaty must pass in the Senate by a minimum vote of two-thirds.