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 […]
QUESTION The purchasing power parity for different countries is adjusted (up or down) depending upon whether a country’s cost of living is lower or higher than the cost of living in the United States. Indicate whether the statement is true or false. ANSWER TRUE To account for differences in the cost of living, one […]
QUESTION A composer can protect an original musical score from being copied and sold by someone else by acquiring for the score a(n): A. patent. B. warrant. C. trademark. D. copyright. E. affidavit. ANSWER D Copyrights are the exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work […]
QUESTION Although countries such as China and India are currently relatively poor, their economies are already large in absolute terms and growing more rapidly than those of many advanced nations. Indicate whether the statement is true or false. ANSWER TRUE Although countries such as China and India are currently relatively poor, their economies are […]
QUESTION Which of the following establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers who have their places of business in different nations? A. Contracts for the International Sale of Goods B. Bill of Exchange C. United Nations Charter D. International Forwarding […]
QUESTION After the collapse of communism in Dehran, successful business owners often had to pay “protection money” to the mafia or face violent retribution. In the context of property rights, the behavior of the mafia is an example of: A. active violation. B. public action. C. private action. D. boundary spanning. E. industrial espionage. […]
QUESTION In the context of property rights, which of the following best exemplifies private action? A. Levying excessive taxes B. Requiring expensive licenses or state permits from private property holders C. Taking assets into state ownership without compensating the owners D. Government bureaucrats demanding bribes from businesses in return for the rights to operate in […]
