Question 1

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

When evaluating the legal systems of Paribo and Kirawi, legal experts should consider the resolution of contractual disputes with local vendors. This is because a reliable legal system is necessary to ensure that contract disputes can be resolved in a fair and timely manner, which is essential for conducting business in a foreign country. The profits made by local or international companies, as well as the prevalence of crime, may not necessarily reflect the strength or weaknesses of the legal system.

Question 2

________ are words or symbols that distinguish a product and its manufacturer from competitors.

Accepted Answer

Trademarks are the words or symbols that distinguish a product and its manufacturer from competitors. A trademark helps to protect a company's brand identity and helps to prevent other companies from using similar names or symbols that could confuse customers. Patents protect inventions, copyrights protect original works of authorship, and watermarks are designs that are impressed onto paper to prevent counterfeiting.

Question 3

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

In Chinese business culture, personal relationships and face-to-face communication are highly valued and take priority over written contracts. It is important for non-Chinese businesspeople to invest time in developing personal relationships before finalizing legal contracts. However, it is still important to have a clear and legally binding contract in place to protect both parties in the business dealings.

Question 4

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 is an example of piracy, which is the unauthorized use or reproduction of another's work or product. In this case, the fake Prada bags are using the Prada trademark without permission to sell counterfeit products.

Question 5

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 6

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

These laws are called local content requirements, which mandate that a company must use a certain percentage of locally sourced materials in production and employ local workers. San Tarino's law is an example of this type of requirement, aimed at promoting local business activity and reducing unemployment.

Question 7

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 8

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 document granted by the government to an inventor for a certain period of time that gives them exclusive rights to their invention, such as the right to exclude others from making, using, or selling the invention without their permission. Trademarks, on the other hand, are words, phrases, symbols, or designs that distinguish the source of goods or services from those of others, while copyrights protect original expressions of ideas such as literary works, music, and artwork. "Watertight" is not related to intellectual property.

Question 9

Civil law can be more adversarial than common law because civil law relies more on the need to interpret laws according to tradition,precedent,and usage.

Accepted Answer

This statement is not accurate. Common law is often more adversarial due to the emphasis placed on the role of judges and the adversarial nature of court proceedings. Civil law systems, on the other hand, often rely more on a codified set of laws and may have different approaches to resolving disputes outside of the courtroom.

Question 10

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 11

Which of the following is an example of a trademark infringement?

Accepted Answer

Manufacturing and selling counterfeit products under the names and logos of more famous brands is an example of trademark infringement. This is because it involves the unauthorized use of another company's trademark, which is a violation of their intellectual property rights.

Question 12

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

Accepted Answer

Islamic law, also known as Sharia, is the most widely practiced theocratic legal system in the world. It is enforced in Muslim-majority countries and regions, as well as in Muslim communities around the world.

Question 13

Product liability laws are those which ________.

Accepted Answer

Product liability laws aim to protect people from defective products by holding manufacturers, distributors, and sellers responsible for any harm caused by their products. These laws ensure that consumers have legal recourse if they are injured or suffer damage due to a faulty product.

Question 14

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 trademark infringement, as other shops are selling counterfeit jewelry under their name and label. Patent expiration, copyright expiration, and monopolization are not relevant to this scenario.

Question 15

Which of the following functions does a copyright perform?

Accepted Answer

A copyright gives the creator of an original work the exclusive right to publish, distribute, and sell that work. It allows the creator to control the use of their work and benefit economically from it. It does not protect trade secrets, prevent monopolies, or distinguish products from competitors.

Question 16

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. Options A and B are incorrect as they describe legal systems that do not apply in Kirawi. Option C describes a legal system based on civil law, which is different from common law.

Question 17

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 is characterized by a detailed set of written rules that constitute a legal code. This code is then applied uniformly and consistently to all cases.

Question 18

________ refers to the takeover of an entire industry by the government.

Accepted Answer

Nationalization refers to the takeover of an entire industry by the government, where the government takes ownership and control of private businesses within that industry. This can happen for various reasons, including economic or political considerations. Decentralization refers to the transfer of power from a central authority to local authorities or individuals. Globalization refers to the increasing interconnectedness and interdependence of countries and economies around the world. Automatization refers to the use of technology to automate tasks and processes, often resulting in increased efficiency and productivity. None of these terms specifically refer to government takeover of an industry.

Question 19

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 suggests an unstable business environment, as businesses may be at risk of legal or financial repercussions due to factors beyond their control.

Question 20

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

Accepted Answer

In Chinese culture, trust and personal relationships are very important in business dealings. Building a trusting relationship before proceeding with business is crucial for success in China. Written contracts are also important, but they are not the most important factor. It's not advisable to follow the strategies of western countries without understanding the Chinese market and culture. Focusing only on establishing tight formal contracts may not necessarily guarantee success.

Quiz 3: Political Economy and Ethics