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 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
QUESTION Which of the following grants the inventor of a new product or process exclusive rights for a defined period to the manufacture, use, or sale of that invention? A. Copyright B. Trademark C. Patent D. Warranty E. Service mark ANSWER C A patent grants the inventor of a new product or process exclusive […]
QUESTION Which of the following statements is true about the difference between contracts in common law and civil law systems? A. Contracts drafted under a common law system tend to be longer than those drafted under a civil law system. B. Contracts drafted under a civil law system tend to be more specific than those […]
