QUESTION Economists who argue that innovation and entrepreneurial activity are the engines of long-run economic growth, define innovation broadly to include not just new products but also new processes, new organizations, new organizations, new management practices, and new strategies. Indicate whether the statement is true or false. ANSWER TRUE There is substantial agreement among […]
QUESTION The philosophy behind intellectual property laws is to: A. reward the originator of a new invention, book, musical record, and the like for his or her idea and effort. B. protect consumers from being subjected to business malpractice. C. safeguard a firm and its officers from being responsible for injury, death, or damage caused […]
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 As per the U.S. law and OECD convention, which of the following is most likely to be considered as a grease payment? A. Gold Fire Inc. paid a fine of $2500 for violating the labor laws in a foreign country. B. Gold Fire Inc. made a small payment of $20 to speed up some […]
QUESTION Products of the mind, such as computer software, a screenplay, a music score, or the chemical formula for a new drug, constitute: A. assets which receive no protection under law. B. non-performing assets. C. tangible assets. D. intellectual property. E. real property. ANSWER D Intellectual property refers to property that is the product […]
QUESTION Which of the following refers to documents that specify the conditions under which an exchange is to occur and detail the rights and obligations of the parties involved? A. Memoranda B. Manifestoes C. Contracts D. White papers E. Minutes ANSWER C
