69) Which of the following is the most widely practiced theocratic legal system in the world
today?
A) Hindu law
B) Sikh law
C) Islamic law
D) Jewish law
70) ________ rights refer to the legal rights over the use to which a resource is put and over the use
made of any income that may be derived from that resource.
A) Trade
B) Property
C) Positive
D) Common
71) In Russia, in the chaotic period following the collapse of communism, an outdated legal
system, coupled with a weak police force and judicial system, allowed the Russian Mafia to
demand “protection money” from business owners. Any business owner who rebelled had to face
violent retribution. This violation of property rights exemplifies
A) private action.
C) infrastructural failure.
D) public liability.
72) Violation of property rights done through legal mechanisms such as levying excessive taxation
and requiring expensive licenses or permits from property holders is called
A) private action.
B) collective action.
C) public action.
73) Which of the following area of international trade is regulated by the Foreign Corrupt Practices
Act?
A) making and performance of commercial contracts in international trade
B) preventing bribery and unethical acts in the conduct of international business
C) establishing a set of safety standards to which a new product must adhere
D) controlling the mafia activity that hinders trade in Russia, Japan, and the United States.
74) Which of the following is an example of intellectual property?
A) a music score
B) a laser-tag game
C) a software business
D) a theater
75) A ________ grants the inventor of a new product or process exclusive rights for a defined
period of time to the manufacture, use, or sale of that invention.
B) trademark
C) contract
D) patent
76) Designs and names by which merchants or manufacturers designate and differentiate their
products are known as
A) trademarks.
C) patents.
D) licenses.
77) The research and development division of a company has recently designed a new coffee
vending machine that is likely to sell very well in the market. It is compact, user–friendly, and
provides unprecedented efficiency in terms of cost per cup. Consequently, the company fears that
its competitors would soon mimic the design of its product. To protect its product, the company is
now seeking a
B) patent.
C) trademark.
D) certification.
78) Which of the following provides exclusive legal rights to authors, composers, playwrights,
artists, and publishers to publish and disperse their work as they see fit?
A) patent
C) trademark
D) license
79) The TRIPS agreement was designed to
A) exclude China from all intellectual property agreements.
B) oversee a much stricter enforcement of intellectual property regulations.
C) hold a firm and its officers responsible when a product causes injury, death, or damage.
D) support traded software and recorded property among developed markets.
80) Which of the following statements about the Trade-Related Aspects of Intellectual Property
Rights (or TRIPS) agreement is true?
A) It was designed to oversee the loosening of intellectual property regulations, beginning in 1995.
lasting 50 years.
C) It directed rich countries to comply with its rules of intellectual property protection within five
years.
D) It provided the very poorest countries amnesty from complying with its rules of intellectual
property protection.
81) Safety standards to which a product must adhere are set by
A) safety certifications.
B) contract laws.
C) product safety laws.
D) product liability laws.
82) Private action refers to
A) public officials extorting income, resources, or the property itself from property holders.
B) bribing government officials in foreign countries in an attempt to win lucrative contracts.
C) theft, piracy, blackmail, and the like by private individuals or groups.
D) violations of intellectual property rights.
83) The ________ establishes a uniform set of rules governing certain aspects of the making and
performance of everyday commercial contracts between sellers and buyers that have their places
of business in different nations.
A) Trade-Related Aspects of Intellectual Property Rights (TRIPS)
B) Paris Convention for the Protection of Industrial Property
C) United Nations Convention on Contracts for the International Sale of Goods (CISG)
D) World Trade Organization (WTO)
84) The ________ makes it illegal for American companies to bribe a foreign government official
in order to obtain or maintain business over which that foreign official has authority, and requires
all publicly traded companies to keep detailed records that would reveal whether a violation of the
act has occurred.
A) Trade-Related Aspects of Intellectual Property Rights (TRIPS)
B) Foreign Corrupt Practices Act (FCPA)
C) Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions
D) Organisation for Economic Co–operation and Development (OECD)
85) Company Zee has been found guilty of manufacturing a product that caused harm to its users,
violating criminal liability laws. Which of the following is the most likely outcome for Company
Zee?
A) payment and monetary damages
B) more severe punishment if Company Zee is outside the United States
C) fines or imprisonment
D) nothing if it was Company Zee’s first offense
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86) ________ are established through patents, copyrights, and trademarks.
A) Digital signatures
B) Ownership rights over private property
C) Origination fees and tributes
D) Ownership rights over intellectual property
87) In common law, ________ refers to cases that have come before the courts in the past.
A) custom
B) precedent
C) codification
D) tradition