Why Is It Often Easier to Enforce the Awards of Internationally

question 85

Multiple Choice

Why is it often easier to enforce the awards of internationally recognized arbitrators than the judgments of foreign courts?

• A)There is a great deal of suspicion related to foreign court judgments and possible corruption,while arbitration is deemed to be more ethical.
• B)Arbitration awards are viewed as more fair than court judgments.
• C)There are more comprehensive agreements and conventions between nations in place that allow for such enforcement.
• D)The United Nations Commission on International Trade Law requires this enforcement.
• E)The International Chamber of Commerce requires this enforcement.

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Definitions:

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive due to higher market price.

Binding Price Ceiling

A government-imposed limit on the price of a product or service that is set below the market equilibrium, leading to shortages and a decrease in supply.

Producer Surplus

The difference between the amount that producers are willing and able to sell a good for and the actual amount they receive due to market price.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given time period.