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Questions
Q:
________ is a form of credit that does not require any security to protect the payment of the debt.
Q:
Cathy uses, on her new recording Drive By, the melody of a song written by Ed, without Ed's permission. This is
a. copyright infringement.
b. patent infringement.
c. trademark infringement.
d. none of the choices.
Q:
The lender in a credit transaction is known as the ________.
Q:
The law of diminishing marginal product is NOT responsible for the shape ofA) the total cost curve. B) the average variable cost curve. C) total fixed cost curve. D) marginal cost curve.
Q:
The graphics used in Go! a handheld computer game featuring racing cars, is protected by
a. copyright law.
b. patent law.
c. trademark law.
d. none of the choices.
Q:
In a secured credit transaction, the creditor cannot recover the collateral despite the debtor's defaults on the loan.
Q:
Felicia invents a new valve to cap undersea oil spills, which she names "Great Catch." She also writes the installation manual to be included with each valve. Felicia could obtain copyright protection for
a. the valve.
b. the "newness" of the valve.
c. the name.
d. the installation manual.
Q:
Tangible personal property includes securities, patents, trademarks, and copyrights.
Q:
In 2011, Sara writes Terror at the Track, a novel about racecar driving. Sara does not register the work with the appropriate government office. Under federal copyright law, Sara's work is protecteda. for ten years.b. for twenty years.c. for the life of the author plus seventy years.d. forever.
Q:
A lien release can be used by the property owner to defeat a statutory lienholder's attempt to obtain payment.
Q:
RiteMade Machinery, Inc., designs, makes, and sells a drill press. Steel Equipment Company copies the design without RiteMade's permission. Steel's conduct is actionable provided
a. consumers are confused.
b. Steel's conduct is intentional.
c. Steel's conduct reduces the value of RiteMade's design.
d. RiteMade's design is patented.
Q:
A deficiency judgment prevents a secured lender from recovering other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan.
Q:
What is the difference between the short run and the long run? What is the appropriate time dimension of the long run?
Q:
Sights Unseen, Inc., (SUI) sells scopes with distinctively designed and made lenses and mirrors to scientists. Telescopes Etc. Corporation later begins to sell scopes with identical set-ups of lenses and mirrors, without SUI's permission, to consumers. This is most likely
a. copyright infringement.
b. patent infringement.
c. trademark infringement.
d. none of the choices.
Q:
An improperly recorded mortgage or deed of trust is effective against subsequent purchasers of the subject real property.
Q:
Ric designs a new computer hard drive, which he names "Sci Phi." He also writes the operating manual to be included with each final product. Ric could obtain patent protection for
a. the hard drive only.
b. the name only.
c. the operating manual only.
d. the hard drive, the name, and the operating manual.
Q:
In a mortgage transaction, the creditor is known as the mortgagee.
Q:
Phil invents "PhutureNow," new Web site design software, and applies for a patent. If Phil is granted a patent, his invention will be protected
a. for ten years.
b. for twenty years.
c. for the life of the inventor plus seventy years.
d. forever.
Q:
A creditor who relies on collateral to secure payment is known as an unsecured creditor.
Q:
Mary Kate Corporation allows The Ashley Company to use Mary Kate's trademark as part of The Ashley Company's domain name. This is
a. a license.
b. a likelihood of consumer confusion.
c. cybersquatting.
d. trademark dilution.
Q:
Joanne left her last job, in which she was earning $50,000, in order to form her own consulting business. Her revenues for the first year of consulting were $200,000. During that year, she hired two assistants for $25,000 each and spent $25,000 on office equipment. In addition, she incurred $75,000 in miscellaneous expenses. Her economic profit that first year wasA) $0. B) $50,000. C) $200,000. D) $75,000.
Q:
If a debtor is judgment-proof, the creditor may never collect the debt owed.
Q:
E-Shopping Corporation inserts Fiesta Mall, Inc.'s trademark as a meta tag in E-Shopping's Web site's key-words field without Fiesta's permission in a manner that suggests Fiesta authorized the use. This is
a. copyright infringement.
b. patent infringement.
c. trademark infringement.
d. none of the choices.
Q:
Unsecured credit requires collateral to protect the payment of the debt.
Q:
Trevor's business is The Spicy Chocolatier Café chain. "The Spicy Chocolatier Café" is
a. a certification mark.
b. a collective mark.
c. a service mark.
d. a trade name.
Q:
The property in which a security interest is taken is called collateral.
Q:
Ernie's Good Eatin" Cafe uses a distinctive decor, layout, menu, and style of service. This restaurant's image and overall appearance is
a. a certification mark.
b. a collective mark.
c. a service mark.
d. trade dress.
Q:
When is a creditor referred to as a secured creditor?
A) when the creditor has been guaranteed payment by a trustee
B) when the creditor gives a loan without security
C) when the creditor has been repaid the debt
D) when the creditor has acquired collateral
Q:
Ashton borrows $25,000 from Amanda, who lends the money without taking an interest in collateral for the loan. Amanda is relying on Ashton's credit standing when she made the loan. In this case, what kind of creditor is Amanda?
A) an unsecured creditor
B) a secured creditor
C) an administrative claim creditor
D) a post-petition creditor
Q:
Refer to the above figure. Given the indifference map and budget constraint represented above, what are all possible points at which that the individual can consume?A) Points A and C only B) Point B onlyC) Point D only D) Points A, B and C only
Q:
Modern Clothing, Inc., and National Denim Corporation use the mark "Made by Members of the U.S. Textile Workers Union" on the tags of their products to indicate the participation of the union in the manufacture. Modern and National are not in business together and do not own this mark. The mark is
a. a certification mark.
b. a collective mark.
c. a service mark.
d. trade dress.
Q:
An electronic agent allows for the contracting for the sale and lease of goods over the Internet, using websites to order or lease goods.
Q:
USA Transport Company uses a mark associated with its name to distinÂguish its services from those of other transport firms. The mark is
a. a certification mark.
b. a collective mark.
c. a service mark.
d. trade dress.
Q:
Excel Goods, Inc., and Finest Products Corporation use the mark "Good Housekeeping Seal of Approval" to certify the quality of their products. Excel and Finest are not in business together and do not own this mark. The mark is
a. a certification mark.
b. a collective mark.
c. a service mark.
d. trade dress.
Q:
An e-record is a record created, generated, sent, communicated, received, or stored by electronic means.
Q:
Standard Corporation can not claim a trademark in the phrase "Quality Is Standard" if the phrase
a. has a secondary meaning.
b. is descriptive.
c. is generic.
d. is memorable.
Q:
The signature of a person's electronic agent can constitute a valid electronic signature.
Q:
Quantity of PizzaMarginal UtilityQuantity of BeerMarginal Utility1451402402403303354154105-550In the above table, how much total utility does Bob get from consuming 4 beers?A) 10 utils B) 45 utils C) 125 utils D) 115 utils
Q:
In 2012, Online Marketing Corporation registers its trademark as provided by federal law. After the first renewal, this registration
a. is renewable every ten years.
b. is renewable every twenty years.
c. runs for the life of the corporation plus seventy years.
d. runs forever.
Q:
A computer program or an electronic or other automated means used independently to initiate an action or respond to electronic records or performances in whole or in part, without review or action by an individual, is known as a(n) ________.
A) electronic agent
B) electronic record
C) firewall
D) operating system
Q:
Sincere Forms, Inc., uses, in its ads, a trademark that is similar, but not identical, to the famous, registered mark of Desired Objects, Inc. Sincere's unauthorized use of the mark constitutes trademark dilution provided
a. consumers are confused.
b. Sincere and Desired are competitors.
c. Sincere's use is intentional.
d. Sincere's use lessens the value of Desired's mark.
Q:
What is the difference between a full warranty and a limited warranty?
Q:
Bubbly Cola features Sparkly Cola's trademark without its owner's permisÂsion. Bubbly's use of the mark is actionable provided
a. consumers are confused.
b. Bubbly's use is intentional.
c. Bubbly and Sparkly are not otherwise competitors.
d. Sparkly's mark is registered.
Q:
Give an account of express warranties.
Q:
Beans Coffee & Cocoa Company makes and sells a chocolate-flavored coffee drink under the name "CoCoCafe." Darkroast Java, Inc., later markets a similar tasting drink under the name "KoKoKafe." This is most likely
a. copyright infringement.
b. patent infringement.
c. trademark infringement.
d. not infringement.
Q:
If oneʹs demand for peanut butter decreases as income rises, the income elasticity of demand for the product isA) elastic. B) inelastic. C) unit elastic. D) negative.
Q:
Pola develops a new espresso machine, which she names "Jump Shot." She also writes the operating manual. Pola can obtain trademark protection for
a. the espresso machine.
b. the "newness" of the espresso machine.
c. the name.
d. the operating manual.
Q:
The ________ is a federal statute that regulates written warranties on consumer products.
Q:
A statement that negates express and implied warranties is known as a ________.
Q:
International copyright protection exists for computer programs as "intellecÂtual creations."
Q:
A(n) ________ refers to a warranty that arises where a seller or lessor warrants that the goods will meet the buyer's or lessee's expressed needs.
Q:
Under the Madrid Protocol, a company can register its trademark in more than one country with a single application.
Q:
A(n) ________ is a warranty created when a seller or lessor makes an affirmation that the goods he or she is selling or leasing meet certain standards of quality, description, performance, or condition.
Q:
Anyone who writes a book has copyright protection in every country in the world.
Q:
If the price of corn chips increases from $2.00 per bag to $3.00 per bag and the quantity demanded goes down from 100 million bags per week to 50 million bags per week, the absolute value of price elasticity of demand in that price range isA) 0.50. B) 1.67. C) 0.93. D) 2.33.
Q:
The doctrine of ________ governed the law of sales and leases for centuries before the UCC was adopted.
Q:
Theft of confidential data by industrial espionage is a theft of trade secrets.
Q:
If the "as is" type of disclaimer is not used, a disclaimer of the implied warranty of merchantability must specifically mention the term merchantability for the implied warranty of merchantability to be disclaimed.
Q:
A marketing technique can be a trade secret.
Q:
Implied warranties of quality cannot be disclaimed.
Q:
Pricing information is not a trade secret.
Q:
The implied warranty of fitness for a particular purpose applies only to merchants.
Q:
In general, pollution exists in situations in whichA) people are selfish.B) people refuse to take social responsibility seriously. C) there are poorly defined private property rights.D) there exists public property.
Q:
Exchanging pirated, copyrighted works with othÂers is not a crime unless money is involved.
Q:
The implied warranty of merchantability requires that the quality of the goods must pass without objection in the trade.
Q:
Downloading software or music into a computer's random access memory without authorization is copyright infringement.
Q:
A seller's or lessor's statement of opinion or commendation of the goods does not create an express warranty.
Q:
A person can reproduce copyrighted material for purposes such as teaching, including multiple copies for classroom use, without paying royalties.
Q:
Only written express warranties are valid.
Q:
In determining whether a copyrighted work is infringed under the "fair use" doctrine, one factor is the effect of the use on the market for the work.
Q:
What type of transactions are covered under the Magnuson-Moss Warranty Act?
A) consumer transactions
B) commercial transactions
C) industrial transactions
D) governmental transactions
Q:
The twin economic problems of the U.S. health care industry are the
A) rising health care costs and the declining quality of health care services.
B) rising health care costs and the rising malpractice insurance costs.
C) rising health care costs and the moral hazard problem in health care services.
D) declining rate of immunization rates and the rising malpractice insurance costs.
Q:
A copy must be exactly the same as the original to infringe a copyright.
Q:
Which of the following is true of an "as is" disclaimer?
A) It disclaims all implied warranties.
B) It disclaims all express warranties.
C) It is a type of implied warranty.
D) It cannot be replaced by another warranty.
Q:
It is possible to copyright an idea.
Q:
Which of the following constitutes an implied warranty?
A) affirmation of the facts of the goods
B) description of the goods
C) model or sample of the goods
D) adequate packaging and labeling of the goods
Q:
Copyright protection is automaticregistration is not required.
Q:
Unless properly disclosed, a warranty that is implied that sold or leased goods are fit for the ordinary purpose for which they are sold or leased, as well as other assurances, is known as ________.
A) implied volatility
B) an implied cause of action
C) an implied assertion
D) the implied warranty of merchantability
Q:
Sam expressed interest in buying a painting from Jasper, whose asking price was $15,000. Sam was only willing to offer $13,000. Jasper told him that it was a very old painting worth a fortune and that others would gladly pay $20,000 for it. Sam decided to buy the painting for $15,000 on the condition that if he found that the painting was worth less than $15,000, Jasper would have to take the painting back and refund Sam. Which of the following warranties did this sales contract have?
A) an implied warranty of merchantability
B) an express warranty
C) a statement of opinion
D) an implied warranty of fitness
Q:
Which of the following is NOT a correct criticism of the Lorenz curve?A) It does not include payments in kind.B) It does not deal with differences in family size.C) It ignores the impact of age distribution on income distribution. D) It refers to money income after taxes.