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
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 […]
QUESTION Initech Incorporated, a multinational giant, runs a number of diversified businesses. Which of the following can be considered as an intellectual property of the firm? A. Income arising from renting land and buildings B. Profits arising from the sale of agricultural crops C. Interest earned by lending capital to other firms D. Innovations and […]
QUESTION When firms do not wish to accept the rules of the CIGS, what do they often opt for to settle contract disputes? A. UN involvement B. Arbitration C. Collective bargaining D. The common law system of the United States E. Islamic law ANSWER B When firms do not wish to accept the CIGS, […]
QUESTION Which of the following is most likely to be protected by a copyright? A. A new manufacturing process invented in a company B. A newly invented telecommunication device C. Tangible property like land and building D. Movies produced and directed by a person E. A new type of car invented by an automobile company […]
QUESTION In mixed economies, governments sometimes tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests. Once a government takes into state ownership such troubled firms, they are said to be: A. privatized. B. decentralized. C. liberalized. D. nationalized. E. deregulated. ANSWER D In mixed […]
QUESTION The Boldovian government took Sea Lion Inc., a domestic, private shipbuilding firm, into state ownership to save the company from bankruptcy. However, the other private competitors in the shipbuilding industry were enraged by this decision of the government. As a result, the government had to reduce the tax burden on all other private shipbuilding […]
QUESTION Which of the following is true about the three broad types of economic systems? A. For a pure market economy to function efficiently product supply must be restricted. B. In a command economy, state-owned enterprises have little incentive to control costs and be efficient. C. The sole role of government in a command economy […]
