Business law (31-10-2023)

Economic interdependence can be attributed to the sharing of technology with                                                                                                                                    

• Raw materials and technology

• Patents, copyrights and trademarks

• Foreign investment, industrialization

• Multinational corporations

The most common methods for regulating trade are:

• Goods and services

• Technical regulations

• Tariffs and non-tariff barriers

• Channels of distribution

A boycott is

• Restriction imposed by law

• Restriction on goods and services

• Total ban

• Refusal to trade with certain firms

This term refers to an additional or extended time that is granted to a party in a contract to fulfill their obligations or correct a breach of contract.

• Leniency Period

• Nachfrist Period

• The Hague Rules

• Q- Clause defence

Which of the following is not a common remedy for breach of an international contract?

• Damages

• Specific performance

• Rescission

• Liquidated damages

Which of the following is NOT a form of international business?

• Exporting and Importing

• Licensing and Franchising

• Diplomatic relations and international treaties

• Turnkey Operations

What is the primary goal of international business?

• To maximize profits

• To promote economic interdependence

• To minimize risks

• To comply with local laws and regulations

What is the purpose of a letter of credit in international trade?

• To guarantee payment to the exporter

• To ensure compliance with local laws and regulations

• To minimize risks associated with currency exchange

• To facilitate communication between the importer and exporter

 Which of the following is a benefit of using a free trade agreement?

• Increased tariffs on imported goods

• Reduced barriers to trade

• Increased competition in the domestic market

• Increased government intervention in the economy

What is the primary goal of the World Trade Organization (WTO)?

• To promote economic interdependence

• To regulate international trade

• To provide financial assistance to developing countries

• To promote environmental sustainability