(BUS& 201, Business Law, Assignment: Quiz, Chap 6 (100% Correct Answers)

| March 14, 2016

Question
1.

_____ is best described as the practice wherein an exporter sells products in a foreign state for less than the price charged for the same or
comparable goods in the exporter’s home market.

Share discounting

Dumping

Subsidizing

Crowd sourcing

2.

A customs union is different from other regional trade agreements because:

the member states of a customs union charge a common external tariff on products originating outside the union.

a customs union does not have a common currency, whereas other regional trade agreements have a common currency.

the member states of a customs union have a single, common federal government.

a customs union can only occur between two neighboring states.

3.

Due to certain political conflicts, United Cadvia decided to place a ban on all industrial imports from Frensland. This is an example of a(n) _____.

excise duty

embargo

lockout

quota

4.

Which of the following is an example of an actionable subsidy?

Expenditures incurred on research and development

Monetary aid provided to underdeveloped regions within a state

Subsidies paid to firms to foster compliance with environmental standards

Subsidies paid to encourage firms to use domestic rather than imported inputs

5.

A company in France makes a business arrangement with a U.S. toy company, Freedo. The arrangement allows the French company to sell
Freedo’s products directly to the consumers under the same brand name in France. At the end of the first year, the French company pays
Freedo 35 percent of its net sales. Which of the following methods of entering a foreign market has been best illustrated in this scenario?

Turnkey contract

Exporting

Joint venture

Franchise agreement

6.

Which of the following statements is true of civil law systems?

The legislative branch has ultimate authority.

Juries are used as fact finders.

The judicial branch can create its own law.

Precedent is the most important official source of civil law.

7.

The Foreign Corrupt Practices Act (FCPA) prohibits U.S. companies from:

transferring their intellectual property to other developed countries.

paying bribes to foreign government officials for the purpose of obtaining business.

locating their manufacturing units in less developed foreign countries.

merging or entering into joint ventures with other foreign companies.

8.

For a practice to be deemed as a custom, a source of international law, it should:

be merely advisory and not legally binding.

be general and consistent among states.

have originated within the last decade.

hold religious eminence among people.

9.

A firm in Illinois is in dispute over a contract with a firm in Utah. Both the firms decide to litigate and solve the dispute under the laws of the
state of Illinois. This is an example of the usage of the _____.

establishment clause

free exercise clause

contract clause

choice-of-law clause

10.

The employment-at-will doctrine that governs the employment relationship in the United States:

restricts firms from engaging in mass layoffs in the event of bankruptcy.

prohibits termination of employment for whistle-blowing.

mandates firms to pay 30 percent above the minimum wages fixed by the federal government.

prohibits employees from engaging in collective bargaining.

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