QUESTION In the context of “knowledge” economy of the twenty-first century, which of the following statements is true about intellectual property? A. Intellectual property has become an increasingly important source of economic value for businesses. B. Protecting intellectual property has become increasingly easy in the twenty-first century. C. Intellectual property laws limit the creativity and […]
QUESTION Product safety and product liability laws are enforced to protect: A. intellectual property rights. B. companies from their domestic competitors. C. companies from their foreign competitors. D. consumers. E. product inventors. ANSWER D Product safety laws set certain safety standards to which a product must adhere. Product liability involves holding a firm and […]
QUESTION Which of the following type of laws hold a firm and its officers responsible when a product causes injury, death, or damage? A. Product equity B. Product failure C. Product liability D. Product parity E. Product testing ANSWER C Product liability involves holding a firm and its officers responsible when a product causes […]
QUESTION Strong enforcement of intellectual property laws: A. reduces the piracy (theft) of intellectual property. B. reduces the attractiveness of a country as a market or investment site. C. reduces the investments made by companies on basic research. D. limits creativity and innovation among people. E. prohibits a company from having a monopoly over its […]
QUESTION Which of the following statements is true about product safety and liability laws? A. There are no criminal product liability laws—only civil product liability laws exist. B. Liability laws are typically most extensive in less developed nations. C. A boom in product liability suits and awards in the United States resulted in a dramatic […]
QUESTION A boom in product liability suits and awards in the United States resulted in a dramatic increase in the cost of liability insurance. Many business executives argue that this: A. makes American businesses less competitive in the global marketplace. B. offers American businesses greater protection from foreign competitors. C. exposes consumers to greater product […]
QUESTION Veronica had been getting red patches on her face after using a protein-based lotion manufactured by Nature Life Research Lab. On consulting a dermatologist, she learned that the lotion’s steroid levels were beyond the standard levels permitted by the government and the damage caused by the lotion was irreversible. Which of the following will […]
QUESTION Who among the following can claim product liability from the offender? A. Jason wants to sue a multinational company for mass manufacturing one of his inventions without purchasing the rights. B. Rebecca’s patented jewelry designs have been imitated and sold at a low price under her brand name. C. The airbags in Brian’s car, […]
QUESTION Which of the following nations is most likely to be unappealing as a place for doing business? A. A nation that has a market-based economic system B. A nation that has a strong legal system C. A nation that has a democratic political institution D. A nation that enforces strong property rights E. A […]
QUESTION If a country wants to improve its attractiveness as a place for doing business and as an investment site, it should: A. oppose the rule of law. B. ensure that the economic activity is heavily regulated by the state. C. move toward a market-based system. D. extensively restrict property rights. E. avoid enforcing intellectual […]
