Ch 02 Practice Questions

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?

Contracts for the International Sale of Goods

All right-wing dictatorships display an affinity toward socialist or communist ideas

False

Command economies provide a more favorable environment for innovation and entrepreneurs than market economies.

False

The term patent refers to the exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit.

False

As per the U.S. law and OECD convention, which of the following is most likely to be considered as a grease payment?

Gold Fire Inc. made a small payment of $20 to speed up some paperwork related to tax returns in a less developed country.

Karl Marx advocated state ownership of the basic means of production, distribution, and exchange (i.e., businesses).

True

The social democrats believed that socialism could be achieved only through violent revolution and totalitarian dictatorship.

True

The Republic of Marwa has decided to open its economy to globalization. Which of the following will facilitate this decision of Marwa?

adopting the Contracts for the International Sale of Goods (CIGS)

In the early twentieth century, the socialist ideology split into two broad camps and the people who believed that socialism could be achieved only through violent revolution and totalitarian dictatorship were referred to as

communists

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?

innovations and capabilities, and skills of the employees

Products of the mind, such as computer software, a screenplay, a music score, or the chemical formula for a new drug, constitute

intellectual property.

The common law system enjoys a degree of flexibility not found in other systems because

it is interpreted by the law courts with regard to tradition, precedent, and custom.

In what economies do governments sometimes tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests?

mixed

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 address Veronica's grievances?

product liability laws

A legal system which is based primarily on religious teachings is referred to as a

theocratic law system

Which of the following is a form of government in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties?

totalitarianism