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WorksheetsInternational & EU Business Law Quiz
Total questions: 28
Worksheet time: 16mins
After Brexit, a UK company tries to sell a product in the EU but can't comply with EU labeling laws. How do they respond?
Politely apologize and offer tea
Send Boris Johnson as their representative
Establish a branch inside the EU and comply with the rules
Claim "sovereignty" and ignore the problem
An Irish business thinks it's clever and tries to dodge EU VAT rules. What's the likely outcome?
A stern letter from the EU, written in very formal Latin
A call from Brussels, asking for an apology gift
Massive fines, penalties, and back taxes
A free vacation to "Tax Heaven" (no, that's not a typo)
Two large companies want to merge but they forgot to get approval from the European Commission for competition clearance. What happens next?
They send chocolates to Margrethe Vestager (EU Competition Commissioner)
They get sent to the "naughty step" for a timeout
The Commission fines them up to 10% of their global revenue
They host a giant "merger party" and invite the whole EU
A small island nation imposes a hefty tax on imported raincoats to support its local umbrella manufacturing. What is the likely outcome under WTO regulations?
The WTO intervenes to remove the tax
The umbrella industry flourishes
The nation faces trade disputes with other countries
The WTO permits this because "raincoats are just too wet"
As an international arbitrator, you are faced with a peculiar situation where one party insists on bringing a pet parrot to the hearing, claiming it provides emotional support. How do you handle this?
Allow the parrot but set strict rules
Request the party to leave the parrot outside
Focus on the case and ignore the parrot
Incorporate the parrot into the proceedings for humor
A rule or law that slows or prevents trading with other nations
Trade Barrier
Export
Import
Tariff Barrier
What is the difference between Domestic and International Trade
International trade is country to country while Domestic trade is within the nations borders.
International trade is country to country while Domestic trade is within the nations house.
International trade is within one country borders while Domestic trade is between two countries.
They are the same; there is no difference
A multilateral treaty is a legal agreement between two states.
True
False
Starbucks is a
Multidomestic company
Global company
Domestic company
None of these
Which treaty officially creating the EU as a political organisation?
Rome, 1957
Single European Act, 1986
Maastricht, 1993
Lisbon, 2009
How many EU countries currently (2024) use the Euro?
10
14
20
27
Heads of state are members of what EU organisation?
European Council
Council of the EU
EU Parliament
ECJ
Which treaty introduced the Common Market to Europe in 1957?
Rome
Maastricht
Lisbon
Nice
Tariffs, quotas, and boycotts are examples of
civil unrest
political unrest
trade barriers
none of these
Today the EU has ... member states.
27
25
23
How many golden stars are there on the blue background of the European flag?
10
12
27
22
___________ is a restriction placed by a government on the amount of a product that can be imported or exported.
Tariff
Quota
Embargo
Subsidy
What is the primary purpose of a trade agreement between countries?
To increase tariffs
To reduce trade barriers
To impose quotas
To establish embargoes
Which organization is responsible for regulating international trade and resolving trade disputes?
World Trade Organization (WTO)
International Monetary Fund (IMF)
World Bank
European Union (EU)
What is the primary purpose of the World Trade Organization (WTO)?
To promote free trade
To regulate currency exchange
To provide loans to developing countries
To oversee environmental policies
Which of the following is a benefit of free trade?
Increased competition
Higher tariffs
Trade restrictions
Market monopolies
