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Questions
Q:
The most unequal distribution of income in the above figure exists inA) country 4. B) country 1. C) country 5. D) country 3.
Q:
What are the possible problems that can come up in a unilateral contract?
Q:
Explain the basic requirements that must be met for a contract to be enforceable.
Q:
A(n) ________ contract is only valid once the offeree performs the requested act.
Q:
A(n) ________ contract is a contract entered into by way of an exchange of promises between the parties.
Q:
Which of the following is NOT one of the reasons for declining union membership in the United States?A) The economy has shifted away from manufacturing.B) The AFL-CIO merger and creation of the Change to Win Federation reduced competition among unions.C) Some industries have been deregulated.D) Labor force participation by women has increased.
Q:
In a recognizance, a party agrees to pay a specified sum of money if another party does not pay it.
Q:
An offer to create a unilateral contract can be revoked by the offeror any time prior to the offeree's performance of the requested act.
Q:
An offer to create a unilateral contract cannot be accepted by a promise to perform.
Q:
A unilateral contract can be accepted without the performance of an act by the offeree.
Q:
An act of performance is necessary to create a bilateral contract.
Q:
The price elasticity of demand for labor will be greater, theA) greater is the price elasticity of demand for the final product.B) more difficult it is to employ substitute inputs in production.C) smaller is the proportion of wage costs in the total cost of production.D) shorter is the time period under examination.
Q:
A contract is a bilateral contract if the offeror's promise is answered with the offeree's promise of acceptance.
Q:
Provision of services qualifies as consideration for an enforceable contract.
Q:
What is a recognizance?
A) a sealed document that contains a formal contract whose contents are known to both parties and the referee who supervised its signing
B) a party's agreement to pay a sum of money if another person does not pay it
C) a party's acknowledgement in court that he or she is not liable to pay money if a certain event occurs
D) a sealed document that contains an informal contract whose contents are known only to the parties
Q:
Ajax Corporation has just started advertising that there are 16 ounces in every package. In reality the packages contain only 14 ounces. This misleading advertisingA) is in violation of the Robinson-Patman Act. B) is exempt from the antitrust laws.C) could be subject to an investigation by the Federal Trade Commission. D) could be subject to an investigation by the Sherman Commission.
Q:
Which of the following is an example of an informal contract?
A) a recognizance
B) a lease
C) a letter of credit
D) a check
Q:
Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry starts running the marathon, Alan ________.
A) can revoke the contract, as an informal verbal agreement is not legally binding
B) can revoke the contract, provided he does so before she completes the marathon
C) can reduce the amount of money he offered her, provided he does so before she completes the marathon
D) cannot revoke the contract
Q:
Martha contacts a bakery to get a cake for her son's birthday party. She tells the baker that she will pay him $150 for the cake if he delivers the cake on Friday evening. If the baker does not deliver the cake on Friday evening, which of the following is accurate?
A) Martha can sue the baker but cannot recover damages.
B) Martha can sue the baker and recover $150 in damages.
C) Martha cannot sue the baker.
D) The baker must pay Martha $150 plus the cost of a replacement cake, as he entered into a verbal contract with her and did not perform his legal obligation.
Q:
Yvonne finds a carpenter to do some repairs for her house and tells him that if he finishes the job by Saturday, she will pay him $1,000. Yvonne's offer creates a(n) ________ contract.
A) executed
B) unilateral
C) executory
D) bilateral
Q:
All of the following are true regarding oligopoly EXCEPTA) there are few sellers. B) there is some ability to set price.C) there is no competition. D) entry and exit is partially restricted.
Q:
A contract is ________ if the offeror's offer can be accepted only by the performance of an act by the offeree.
A) executed
B) executory
C) unilateral
D) bilateral
Q:
Windsor, the owner of Windsor's Sandwiches, contacts Gary, a new supplier. He promises Gary that he will pay him $375 if Gary delivers 20 pounds of cheese the following morning. Gary promises to make the delivery as requested by Windsor. This creates a(n) ________ contract between them.
A) bilateral
B) unilateral
C) executed
D) voidable
Q:
A contract is a(n) ________ contract if the offeror's promise is answered with the offeree's promise of acceptance.
A) voidable
B) executed
C) unilateral
D) bilateral
Q:
Joeʹs hotdog stand merges with a company that supplies the condiments to Joeʹs. This is an example ofA) conglomerate merger. B) concentration ratio. C) vertical merger. D) horizontal merger.
Q:
Two brothers, Sam and Jim, were fighting over the division of their ancestral property. After ten years of legal battle, a frustrated Sam contacted a powerful politician who subjected Jim to extreme duress, forcing him to sign a contract in favor of Sam. When Sam takes this contract to court, the contract will be declared ________.
A) voidable
B) void
C) null
D) unenforceable
Q:
Which of the following is acceptable consideration for a contract?
A) a penalty
B) an arrest
C) a sentence
D) money
Q:
The ________ doctrine allows for certain limited unauthorized use of copyrighted materials.
Q:
The trademark symbol TM is used to indicate a registered mark.
Q:
The No Electronic Theft Act (NET Act) can be invoked for copyright infringements that do not involve financial gain.
Q:
In terms of the unauthorized use of copyrighted materials, the fair use doctrine does not allow reproduction of a work in a legislative or judicial proceeding.
Q:
The long-run equilibrium of monopolistic competition is characterized byA) P = MC = ATC. B) P = MC > ATC. C) P = MR = MC. D) P = ATC > MC.
Q:
The fair use doctrine allows certain limited unauthorized use of copyrighted materials.
Q:
Mason Dixon dies on November 30, 2011, leaving a valid will. The will reads as follows:"I leave my boat to my son, George. I leave my automobile to my daughter, Georgia. I leave the income on my estate to be divided equally between George and Georgia. Estate expenses are to be paid from principal, not estate income. All other property, I leave to a trust to care for my wife, Gladys. Any remaining property at the time of her death is to be transferred into a trust to pay college education expenses of my grandchildren until such time as it is used up. I name my wife, Gladys, as executrix of my estate."Gladys prepares an estate inventory for all assets discovered and files the appropriate notice to potential creditors on December 15.Cash $ 90,000Investments 1,200,000Interest Receivable 2,000Life Insurance Receivable 500,000Residence 180,000Automobile 20,000Boat 70,000Total $2,062,000A check for interest is received of $5,000, and estate liabilities (such as funeral expenses, administrative costs, and taxes) are settled for $20,000. The will is administered.Required:Prepare a charge-discharge statement for the estate of Mason Dixon on December 31, 2011. Assume the life insurance proceeds have not been paid out.
Q:
After the copyright period runs out, the work enters the public domain.
Q:
Copyright registration permits a holder to obtain statutory damages for copyright infringement, which may be greater than actual damages, and attorney's fees.
Q:
Uploading copyrighted material to an unauthorized website by a non-copyright holder would constitute copyright infringement under the ________.
A) Digital Millennium Copyright Act
B) Berne Convention
C) No Electronic Theft Act
D) Copyright Term Extension Act
Q:
In terms of copyright law, the use of copyrighted material in a satire or parody exemplifies ________.
A) the piracy problem
B) copyright sharing
C) the fair use doctrine
D) copyright infringement
Q:
In the context of copyrighted material, which of the following statements accurately describes the fair use doctrine?
A) It stipulates the time period for which a copyright holder can retain his copyright.
B) It guides the U.S. Copyright Office in determining what works are copyrightable.
C) It permits the use of copyrighted material by someone other than the copyright holder for a statutorily-prescribed fee.
D) It permits certain limited use of copyrighted material by someone other than the copyright holder without the permission of the copyright holder.
Q:
Use the above figure. The profit-maximizing price will beA) P1. B) P2. C) P3. D) P4.
Q:
Josh Drake died on May 1, 2011. He left his entire estate, with a fair value of $6,200,000 to his sole surviving family member, his daughter, DeeDee.Prior to any distribution of assets, Josh's estate reflected the following details:Funeral expenses $11,300Executor's fees 10,800Estate liabilities 84,000Final medical expenses 40,700Required:Calculate the federal estate tax on Mr. Drake's estate. You may ignore any state-level inheritance taxes and assume that the federal estate tax rate is 45%.
Q:
Which of the following constitutes copyright infringement?
A) the use of several clips from a copyrighted movie in a documentary
B) the use of a brief quotation from a copyrighted work in a news report
C) the use of copyrighted material in a spoof or satire
D) reproduction by a teacher or student of a small part of a copyrighted work to illustrate a lesson
Q:
What happens to the ownership of a copyrighted work after the copyright period expires?
A) A non-copyright holder can use the work, but he or she must first purchase the rights to the work.
B) The work enters the public domain and can be used for free.
C) The copyright can be renewed for a fee by the original creator of the work.
D) The government takes over ownership of the work and provides public access for a fee.
Q:
What is the period of copyright protection provided for individuals under the Copyright Term Extension Act of 1998?
A) Individuals are granted 20 years of copyright protection, after which it has to be renewed for a fee.
B) Individuals are granted copyright protection for their lifetime plus 70 years.
C) Individuals are granted 95 years copyright protection from the year of first publication of the work.
D) Individuals are granted 120 years copyright protection from the year of creation of the work.
Q:
Which of the following is an accurate statement regarding the Berne Convention, an international copyright treaty?
A) The treaty eliminates the need to place the copyright symbol or the word "copyright" on a copyrighted work.
B) The treaty makes it mandatory to place the copyright symbol on all copyrighted works.
C) The treaty stipulates the time period a copyright can be retained by the copyright holder before it enters the public domain.
D) The treaty sets the rules for how copyright can be dealt with when sharing copyrighted work between governments.
Q:
Which of the following is copyrightable?
A) a building
B) a business method
C) a musical composition
D) a product logo
Q:
A market failure is a situation in which
A) resources are being efficiently allocated, but some companies are forced to shut down.
B) the market equilibrium leads to either too many or too few resources going towards producing the good or service.
C) the government must take actions to correct the failures of the market in a particular industry.
D) there is no free entry or exit into an industry.
Q:
You are serving as the trustee for the Paul Porter testamentary income trust. The trust was created by Paul's will. All of his assets were transferred to the trust to cover the living expenses of his wife, Paula. Upon her death, the assets are to be sold, with the proceeds distributed to his brother, Saul. If Saul is not alive when Paula passes, the proceeds are to go to the Porter Scholarship in Business Administration.The probate court has ruled that all personal effects and household items could be excluded from the estate. All taxes have been paid, and the following assets remain to be transferred to the trust:Asset Cost Fair Market ValueCash $160,000 $160,000Certificates of deposit 75,000 75,000ExTech Company common stock 22,000 216,000Rentall common stock 42,000 40,000Lake house (his share) 149,000 170,000Personal residence (his share) 226,000 280,000Antique sports car 35,000 46,000Coin collection 7,000 12,000Required:Prepare the journal entries for the creation of the trust.
Q:
A ________ is a legal right that gives the author of qualifying subject matter the exclusive right to publish, produce, sell, license, and distribute the work.
A) patent
B) copyright
C) trademark
D) trade secret
Q:
What are the requirements for obtaining a patent?
Q:
A(n) ________ is a patent that protects the functionality of an invention.
Q:
The ________ is a special federal appeals court that hears appeals from the Board of Patent Appeals and Interferences of the U.S. Patent and Trademark Office and federal courts concerning patent issues.
Q:
Applications for patents must be filed with the ________.
Q:
A utility patent is a patent that may be obtained for the ornamental nonfunctional design of an item.
Q:
Oscar Lloyd is the trustee for the Petra/Hobbes Trust. The following transactions occurred during 2011. Petra and Hobbes, two cats are going to reside with Oscar Lloyd, the trustee and devoted cat lover.February 18 The Petra/Hobbes Trust was established at First State Bank by depositing $200,000 cash.February 19 $195,000 was deposited into a three-year certificate of deposit earning 6% a year. Interest is paid semi-annually. $5,000 was deposited into a money market account paying 4% annual interest. Interest is paid on the average daily balance for the past year.February 20 Paid $368 for cat food, cat toys, and kitty litter at Cats R Us.February 24 Bought assorted cat DVDs for Hobbes and Petra. The DVDs were a combination of fish, bird, and squirrel movies. Paid $182 for the DVDs.June 25 Paid $405 for cat food, toys, and kitty litter.August 19 Deposited one-half year's interest income of $5,850 into the money market account.December 22 Paid $722 for cat food, cat toys, kitty litter, Christmas presents for Petra and Hobbes.Required:Prepare the necessary journal entries for the above transactions. You may ignore any tax effects.
Q:
Economic profits are maximized at the point at whichA) marginal revenues equal marginal costs.B) accounting profit exceeds economic profit.C) total revenues are greater than total costs. D) accounting profits are equal to zero.
Q:
Utility patents for inventions are valid for 20 years.
Q:
Under patent law, it is acceptable to patent tax strategies.
Q:
By permitting pre-issuance and post-grant challenges within the U.S. Patent and Trademark Office (PTO), the law attempts to have disputes resolved within the PTO before reaching the litigation stage.
Q:
In the United States, the first person to invent an item or a process is given patent protection over a later inventor who was first to file a patent application.
Q:
The patent term begins to run from the date the patent is issued.
Q:
Which of the following statements is correct?A) Average variable costs always exceed average total costs.B) Average fixed costs are constant.C) Average variable cost reaches its minimum when average product equals its maximum.D) Average fixed costs are always less than average variable costs.
Q:
Utility patents for inventions are valid for the whole of the inventor's life and 70 years after that.
Q:
Silvia Peacock has been appointed to serve as the executor of the estate of Mr. Mickey Babay, who passed away at the age of 104 on April 5, 2011. On April 5, 2011, Mr. Babay's assets consisted of the following: AssetBook ValueFair ValueCash$40,000$40,000Mutual fund investment170,000170,000Selonoid Incorporated common stock22,00028,000Ford Mustang24,00016,000Condo in Phoenix, AZ120,000150,000Residence in Boston, MA150,000280,000Stamp collection4,9008,000Salt and pepper shaker collection1,5004,000Rare hand puppet collection2,3006,700 The probate court has ruled that any other personal effects may be excluded from Mr. Babay's estate inventory. Required:Prepare an inventory of estate assets on April 5, 2011.
Q:
If an invention is obvious, then it does not qualify for a patent.
Q:
Improvements to existing machines, processes, or compositions of matter cannot be patented.
Q:
A patent can only be claimed for a limited amount of time.
Q:
The U.S. Patent and Trademark Office (PTO) grants approximately how many patents each year?
A) 250,000
B) 500,000
C) 675,000
D) 775,000
Q:
Which of the following types of patents is valid for only 14 years?
A) a design patent
B) a utility patent
C) a process patent
D) a business method patent
Q:
You are serving as the executor for the estate of Dr. Mary Carlson. The following transactions occur during August 2011. Dr. Carlson died on July 30, 2011. 1. On August 6, you received interest of $3,000 on State of Colorado general revenue bonds. Interest of $1,600 was earned after the date of death. The balance was earned prior to death, and had been accrued. The bonds were included in the estate's initial inventory. The maturity value and fair market values of the bond are $100,000. 2. On August 11, you issued a check to pay a probate court fee of $1,120. 3. The estate included 10,000 shares of Dasher International's common stock, valued at $40 per share, which were properly included in the estate's initial inventory. On the date of her death, there were no outstanding dividends receivable. On August 14, you read that a dividend of $1 per share was declared. 4. In Mary's will, she wanted $100,000 given to the National Zoo.After examining the assets, you determined that the estate's assets will adequately cover all expenses and specific devises, so on August 23, you issued a check to the Zoo for $100,000. 5. On August 25, you issued a check to pay Mary's final medical expenses of $16,700. 6. On August 28, you received a check for $10,000 for the common stock dividends paid by Dash International. Required:Prepare the necessary journal entries for the above transactions. You may ignore any estate or income taxes.
Q:
If Microsoft is determining whether to build a new plant in Southern California or in New Mexico, it is making a(n) decision.A) immediate-run B) long-runC) short-run D) variable-input
Q:
Which of the following is true of a patent application?
A) A patent application can be moved to the top of the list of other patents for review by the U.S. Patent and Trademark Office if the inventor pays $25,000.
B) The U.S. Patent and Trademark Office must make a decision whether to grant a patent within a year from the date of filing a patent application.
C) An inventor may file a provisional application with the U.S. Patent and Trademark Office and get a maximum of five days to prepare and file a final and complete patent application.
D) The U.S. Patent and Trademark Office can grant priority to patent applications for products that are important to the national economy.
Q:
Which of the following statements is true of the patent period in the United States?
A) It follows the first-to-file rule.
B) The patent term begins to run from the date the patent application is filed.
C) The patent term begins to run from the date the patent is issued.
D) The patent period for an invention is 17 years.
Q:
When does a patent enter the public domain?
A) when the patent term expires
B) when the patent has been challenged in court and found to be an infringement
C) when the government deems that the practical purpose of the invention is universally applicable and cannot be controlled by one individual or a group of people
D) when the invention is either obvious or not a novel one
Q:
Which of the following statements is true of patenting a scientific principle?
A) Patent for a scientific principle has to be applied for directly at the U.S. Court of Appeals for the Federal Circuit.
B) A scientific principle can only be patented once a universal consensus has been reached on its validity.
C) Patent for a scientific principle has to be applied for at the U.S. Patent and Trademark Office.
D) A scientific principle can only be patented if it is a part of the tangible environment.
Q:
A ________ patent protects the functionality of an invention.
A) utility
B) method
C) design
D) process
Q:
Which of the following statements regarding accounting and economic profits is FALSE?A) Economic profits can be zero even if accounting profits are positive.B) Economic profits = total revenue - (explicit + implicit costs)C) Accounting profits can be negative if economic profits are positive.D) Accounting profits = total revenue - explicit costs
Q:
Mary Contrary is the executor for the estate of Belle Silver. Belle owned a home with a fair value of $200,000. The home has a remaining mortgage amount of $80,000. Mary also has personal effects worth $8,000, an investment portfolio with a fair value of $150,000 on the date of death, and approximately $7,500 in cash in various accounts. The home was left to her daughter in the valid will that Belle had executed prior to her death. Belle did not have a surviving spouse, but her daughter is a minor, who is independently wealthy after inventing a cutting-edge software program. The state in which Belle resided, allows a $15,000 homestead allowance, and a $10,000 personal effects entitlement. After taking an inventory, and converting all of the assets, except for the home and the personal effects, into cash, there is $159,000 for Mary to distribute to the appropriate devises, beneficiaries, and creditors. Mary has identified the following expenses and devises: 1. Belle's unpaid final medical expenses were $24,000. 2. Belle left a devise of $100,000 to her church. 3. The costs and expenses of administering the estate were $21,000. 4. Real estate taxes of $3,600 are past due. 5. The unpaid funeral expenses were $8,700.Required:Prepare a schedule that will list the disbursements of assets. Assume that the state in which Belle resided has adopted the Uniform Probate Code.
Q:
What is a patent number?
A) a number assigned to a patent when it comes under investigation
B) a number assigned to a patent when the patent is pending
C) a number assigned to a patent during application
D) a number assigned to a patent once the patent is granted
Q:
Which of the following is a key function of the U.S. Court of Appeals for the Federal Circuit regarding patents?
A) It hears appeals rejected by the state courts regarding patent issues.
B) It accepts applications for new patents.
C) It helps promote uniformity in patent laws.
D) It helps enact new patent laws.