Question 1

Expropriation is best defined as the ________.

Accepted Answer

Expropriation involves the transfer of ownership from private to public sector, but in order to compensate private owners for their losses, compensation is provided. Option A and D are incorrect as they suggest no compensation is offered, while option C describes privatization, not expropriation.

Question 2

Explain the purpose of antitrust laws.How would the Friedman philosophy of corporate social responsibility most likely support a decision by a company to expand internationally into a country with weak antitrust laws? Include a description of the Friedman philosophy in your answer.

Accepted Answer

The answer of Explain the purpose of antitrust laws.How would...

Question 3

Product liability laws are those which ________.

Accepted Answer

Product liability laws are designed to protect consumers from harm caused by defective products, and to hold manufacturers and sellers responsible for injuries or damages resulting from those defects. They help ensure that products are safe and meet certain standards of quality, which benefits both consumers and manufacturers in the long run.

Question 4

________ refers to the transfer of ownership of resources from the private to the public sector.

Accepted Answer

Nationalization is the transfer of ownership of resources from the private sector to the public sector, which means the state takes control of private property or businesses. Expropriation refers to the act of taking someone's property for public use, often with compensation. Federalization refers to the creation of a federal system of government, where power is shared between a central government and regional governments. Conversion refers to a change in the use of resources or assets, such as converting a factory from producing one type of product to another. Therefore, the best choice is A) Nationalization to answer the question asked.

Question 5

Which of the following is an important factor in forming successful business ventures in China?

Accepted Answer

Establishing a trusting relationship before proceeding with business is an important factor in forming successful business ventures in China. This is because Chinese culture places a significant emphasis on personal relationships and trust, known as Guanxi, which is essential in building successful business relationships. Formal contracts and written agreements are still important, but they are often seen as a secondary consideration after the development of trust and personal relationships. Following western strategies may not be as effective in China due to cultural differences.

Question 6

Scenario: Stephanie Wong
Stephanie Wong, a Chinese-American, owns a consultancy that advises clients on strategies for business expansions into China. Wong is to lead a symposium for small and mid-sized exporters who are planning on expanding their businesses in China. Therefore, she is preparing answers in advance for questions that symposium participants would most likely ask.
-Which of the following factors should the legal experts of Wayne's consider while evaluating the legal systems of Paribo and Kirawi?

Accepted Answer

The resolution of contractual disputes with local vendors is a crucial aspect of doing business in any country, including Paribo and Kirawi. Legal experts need to consider the efficiency and fairness of the legal system in settling such disputes, as it can have a significant impact on the success of business expansions in these countries. Factors such as profits made by local and international companies, as well as the prevalence of crime, may be important but secondary considerations.

Question 7

On a recent trip to Hong Kong,a group of tourists found several Prada bags being sold on the pavement.They cost only a few dollars and were clearly fake; though they bore the Prada trademark.This is an example of ________.

Accepted Answer

This situation is an example of piracy, which refers to the unauthorized copying or reproduction of someone else's product or brand. The sale of fake Prada bags on the pavement is an infringement on the intellectual property rights of the Prada company, as well as a violation of trademark laws.

Question 8

A common law system is based on tradition,judge-made precedent,and usage in which the courts assign a preeminent position to existing case law to guide dispute resolution.

Accepted Answer

A common law system is indeed based on tradition, judge-made precedent, and usage, and courts rely heavily on existing case law to guide their decisions.

Question 9

Scenario: Stephanie Wong
Stephanie Wong, a Chinese-American, owns a consultancy that advises clients on strategies for business expansions into China. Wong is to lead a symposium for small and mid-sized exporters who are planning on expanding their businesses in China. Therefore, she is preparing answers in advance for questions that symposium participants would most likely ask.
-Which of the following statements is true of Kirawi,a democratic nation whose legal system is based on common law?

Accepted Answer

Kirawi's legal system is based on common law, which means that the law is interpreted on the basis of tradition, precedent, and usage. This allows for flexibility and adaptation to changing circumstances. Option A is incorrect, as Kirawi's legal system is not based on religious teachings. Option B is incorrect as it suggests that the law is applied rigidly, which is contrary to the common law system. Option C describes a civil law system, which is based on written codes, and is not applicable to Kirawi.

Question 10

Scenario: Stephanie Wong
Stephanie Wong, a Chinese-American, owns a consultancy that advises clients on strategies for business expansions into China. Wong is to lead a symposium for small and mid-sized exporters who are planning on expanding their businesses in China. Therefore, she is preparing answers in advance for questions that symposium participants would most likely ask.
-The first question that Stephanie expects participants to ask is: "Which is more important for the Chinese,contacts or contracts?" Which of the following is the most effective response Stephanie could give for this question?

Accepted Answer

Face-to-face communications and personal relationships hold more weight in Chinese business culture compared to written contracts. Trust and mutual understanding are developed through building strong interpersonal connections, and agreeing on a contract is often seen as a formality rather than a binding document. However, it is still important to have a legal agreement in place for the protection of both parties involved.

Question 11

Scenario: Stephanie Wong
Stephanie Wong, a Chinese-American, owns a consultancy that advises clients on strategies for business expansions into China. Wong is to lead a symposium for small and mid-sized exporters who are planning on expanding their businesses in China. Therefore, she is preparing answers in advance for questions that symposium participants would most likely ask.
-Which of the following,if true,demonstrates that Kirawi has an unstable business environment?

Accepted Answer

The fact that Kirawi's government does not enforce product liability laws or protect individual property rights indicates that there is an unstable business environment. This creates a risk for businesses that want to expand into Kirawi, as they may not be able to protect their products or assets. The other options do not necessarily indicate an unstable business environment: A could suggest a rigid but stable legal system, C suggests multilateral agreements that could provide a framework for business, and D simply describes the private sector without indicating stability or instability.

Question 12

A ________ is a right granted to the inventor of a product or process that excludes others from making,using,or selling the invention.

Accepted Answer

A patent is a legal monopoly granted to the inventor of a product or process for a limited period of time. It gives the inventor the exclusive right to make, use, or sell the invention and prevents others from doing so without permission. Trademarks are symbols or logos used to identify and distinguish the goods or services of one company from another, while copyrights protect original works of authorship, such as books, music, and art. Watertight is not related to intellectual property law.

Question 13

Explain each of the following terms,giving examples of each: patent,trademark,and copyright.

Accepted Answer

The answer of Explain each of the following terms,giving examples...

Question 14

Scenario: Stephanie Wong
Stephanie Wong, a Chinese-American, owns a consultancy that advises clients on strategies for business expansions into China. Wong is to lead a symposium for small and mid-sized exporters who are planning on expanding their businesses in China. Therefore, she is preparing answers in advance for questions that symposium participants would most likely ask.
-Which of the following statements is true of Paribo,a democratic nation whose legal system is based on civil law?

Accepted Answer

Paribo's legal system is based on civil law, which means that the law is based on a detailed set of written rules that constitute a legal code. This is in contrast to common law systems where the law is based on tradition, precedent, and usage. Additionally, the fact that Paribo is a democratic nation does not necessarily indicate anything about its legal system. Therefore, options A and D are incorrect. Option B, which suggests that the law is flexible and its interpretations differ with situations, is more characteristic of common law systems.

Question 15

Shimmer and Sparkle is an American jewelry store which discovers that several shops in developing countries are selling counterfeited necklaces under their name and label.Which of the following problems are they facing?

Accepted Answer

Shimmer and Sparkle is facing the problem of trademark infringement, as other shops are selling counterfeit products under their name and label. This means that the shops are using their trademark without authorization, which is illegal.

Question 16

Which of the following functions does a copyright perform?

Accepted Answer

Copyright gives creators of original work the freedom to publish or dispose of their work as they choose. It protects the rights of the creator to their work and prevents others from using or reproducing it without permission. A, B, and C are all related to different forms of intellectual property protection, but not specifically copyright.

Question 17

Scenario: Susan Goes Global with Grape Fizz
Susan is the CEO of Grape Fizz, a global drinks-manufacturing company. She wishes to set up production facilities in other countries and has been advised to assess the political system of each country before she does so.
-Susan is worried that San Tarino's demand that she must use locally available raw material and employ local workers might interfere with the quality and efficiency of her business.San Tarino,on the other hand,views this as a way to foster local business activity and lessen regional unemployment.What are these laws called?

Accepted Answer

Local content requirements are laws that mandate companies to use locally available raw materials and hire local workers, thus promoting local business activity and reducing regional unemployment. San Tarino's demand aligns with this policy.

Question 18

Islamic law is the most widely practiced theocratic legal system today.

Accepted Answer

Islamic law, also known as Sharia, is practiced in many countries where Islam is the dominant religion, such as Saudi Arabia, Iran, and Pakistan. It is based on religious principles and is considered a theocratic legal system as it combines religious and legal aspects.

Question 19

Describe the importance of a nation's legal system,and identify the main differences between the three main types of legal systems.

Accepted Answer

The answer of Describe the importance of a nation's legal...

Question 20

Which of the following statements referring to intellectual property rights and violations is INCORRECT?

Accepted Answer

Companies cannot register a global patent, trademark, or copyright through the World Trade Organization (WTO). The WTO provides a framework for member countries to negotiate and enforce intellectual property rights, but the actual registration and protection of these rights is handled at the national level.

Quiz 3: Political Economy and Ethics