International Law

The Arms Export Control Act created the World Trade Organization (WTO) to stimulate international commerce and resolve trade disputes.

• TRUE

• FALSE

After an imported good is classified, custom officials impose the appropriate duty ________________, meaning “according to the value of the goods”

• Expropriation

• Ad Valorem

• Repatriation of Profits

• Dumping

______________________ occurs when an investing company pulls its earnings out of a foreign country and takes them back home.

• Ad Valorem

• Expropriation

• Repatriation of Profits

• Dumping

The General Agreement on Tariffs and Trade (GATT) is an international treaty whose sole purpose is to eliminate trade barriers and bolster commerce.

• TRUE

• FALSE

Sovereign Immunity holds that the courts of one nation lack the jurisdiction (power) to hear suits against foreign governments. But there are 3 possible exceptions to it; Choice of Forum, Choice of Language/Currency and Letter of Credit.

• TRUE

• FALSE

The Arms Export Control Act permits the President to create a second list of controlled goods, all related to military weaponry.

• TRUE

• FALSE

The main goal of the North American Free Trade Agreement (NAFTA) is to eliminate almost all trade barriers between Canada, United States and Mexico.

• TRUE

• FALSE

When an entrepreneur decides to work with a foreign company, an international sales contract must put in place and there are 4 requirements to keep in mind. The requirements are Waiver, Commercial Activity, Violation of International Law and Expropriation.

• TRUE

• FALSE

When a government takes property owned by foreign investors, it is called ______________________.

• Dumping

• Expropriation

• Ad Valorem

• Repatriation of Profits

A Singapore company makes cell phones for $20, and sells them for $12 in the US, undercutting domestic American competitors. This is an example of

• Ad Valorem

• Repatriation of Profits

• Dumping

• Expropriation