QUESTION Islamic law is primarily a moral rather than a commercial law and is intended to govern all aspects of life. Indicate whether the statement is true or false. ANSWER TRUE Islamic law is primarily a moral rather than a commercial law and is intended to govern all aspects of life.
Date: September 3rd, 2020
QUESTION A person who believes in public ownership of the means of production for the common good of society is a(n): A. socialist. B. capitalist. C. individualist. D. monarchist. E. feudalist. ANSWER A A socialist is someone who believes in public ownership of the means of production for the common good of society.
Date: September 3rd, 2020
QUESTION Command economies provide a more favorable environment for innovation and entrepreneurs than market economies. Indicate whether the statement is true or false. ANSWER FALSE In a command economy, state-owned enterprises have little incentive to control costs and be efficient, because they cannot go out of business. Also, the abolition of private ownership means […]
Date: September 3rd, 2020
QUESTION By adopting the Contracts for the International Sale of Goods (CIGS), a nation signals to other adopters that it will treat the convention’s rules as part of its law. Indicate whether the statement is true or false. ANSWER TRUE By adopting the CIGS, a nation signals to other adopters that it will treat […]
Date: September 3rd, 2020
QUESTION When firms do not wish to accept the Contracts for the International Sale of Goods, they often opt for arbitration by a recognized arbitration court to settle contract disputes. Indicate whether the statement is true or false. ANSWER TRUE When firms do not wish to accept the Contracts for the International Sale of […]
Date: September 3rd, 2020
QUESTION Intellectual property laws stimulate innovation and creative work. Indicate whether the statement is true or false. ANSWER TRUE The philosophy behind intellectual property laws is to reward the originator of a new invention, book, musical record, clothes design, restaurant chain, and the like, for his or her idea and effort. Such laws stimulate […]
Date: September 3rd, 2020
QUESTION Compared to a common law system, it is more expensive to draw up contracts in a civil law jurisdiction. Indicate whether the statement is true or false. ANSWER FALSE It is more expensive to draw up contracts in a common law jurisdiction, and resolving contract disputes can be very adversarial in common law […]
Date: September 3rd, 2020
QUESTION The term “public action” refers to the exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit. Indicate whether the statement is true or false. ANSWER FALSE Copyrights are the exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and […]
Date: September 3rd, 2020
QUESTION Liability laws are typically the least extensive in highly developed nations. Indicate whether the statement is true or false. ANSWER FALSE Liability laws are typically the least extensive in less developed nations.
Date: September 3rd, 2020
QUESTION When product safety laws are tougher in a firm’s home country than in a foreign country, the ethical thing to do is to adhere to home-country standards. Indicate whether the statement is true or false. ANSWER TRUE When product safety laws are tougher in a firm’s home country than in a foreign country […]
Date: September 3rd, 2020
