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Exam 7: International Law in a Global Economy

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Question 21

True/False

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Quotas are limits on the amounts of goods that can be imported.

A) True
B) False

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Question 22

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A foreign state is immune from the jurisdiction of U.S.courts as long as the state is involved in commercial activity in the United States.

A) True
B) False

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Question 23

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Dumping is the exporting of environmentally polluting goods to a foreign market.

Tariffs are taxes on imports.

The chief aim of the World Trade Organization and other trade agreements is to maximize trade barriers among their members.

Mountain Mining Company,a U.S.firm,owns property in Bolivia.The government of Bolivia seizes the property for an illegal purpose without paying just compensation.This is

Dumping is the sale of imported goods at "greater than fair value."

The government of Iran violates an international law.Persuasive tactics to remedy the situation fail.The only recourse of other nations is to

Michael,a citizen of Ireland,and Nina,a citizen of the United States,enter into a contract.When Nina breaches the contract,Michael obtains an award of damages in an Irish court.He asks a U.S.court to enforce the award.The U.S.court defers to and enforces the Irish court's decree.This is

Chiang Ltd.,a Chinese firm,imports its goods into the United States and offers those goods for sale at "less than fair value." This is

A party to a licensing agreement generally agrees to pay royalties on some basis.

Refer to Fact Pattern 7-1.To obtain payment,Lapland must comply with all of the requirements of the letter of credit

Optima Medico Corporation,a U.S.firm,signs a contract with Pharma Beneficial,Ltd.,a Canadian firm,to give Pharma the right to sell Optima's products in Canada.This is

U.S.laws that prohibit discrimination in employment do not apply to U.S.employees working for U.S.firms located abroad.

The chief aim of the European Union and other trade organizations is to minimize trade barriers among their members.

China and India form an agreement to govern their commercial exchanges with one another.This is

Hemisphere Financial Corporation,a U.S.firm,files a suit against Italy in a U.S.court.Italy claims foreign sovereign immunity.Under the Foreign Sovereign Immunities Act,this claim is determined by

Capital Diversified Corporation (CDC)owns assets in Dagistan,a new country in Asia.The government of Dagistan wants to nationalize all assets owned by foreign firms and investors.What can CDC do Can it at least obtain payment for the assets

Antidumping duties are the responsibilities of international environmental polluters.

Sam,or any U.S.citizen,can bring a civil suit in a U.S.court against a foreign entity for