UCF GEB 3375 Exam 2 Questions And Answers

No, laws and legislations are different in every country - In general, is it fair to assume that laws in foreign countries are the same or different than the U.S? Arbitration - the use of a third party to settle a dispute ( not going to court). Litigation - legal proceedings conducted to determine and enforce particular contract rights -and this is expensive and lengthy Patent - An exclusive right granted for an invention - a product or process that provides a new way of doing something, or that offers a new technical solution to a problem (must be of Practical use). A patent provides patent owners with paratactical for their inventions. Protection is granted for a limited period, generally 20 YEARS! Who are the countries with the highest number of patent applications? - U.S Germany Japan WIPO - World Intellectual Property Org promotes innovation and creativity for the economic/social/ cultural development of all countries, through a balanced and effective international intellectual property system Intellectual Property - Property refers to the creations of the mind ( Inventions/Literary/artstic works/ Symbols/names/ images/ manufacturing processes) Industrial Property - patents for inventions, trademarks, industrial designs and geographical indications. Trade Mark - Distinctive sign that identifies certain goods or services produced or provided by an individual or a company. Administered by the World Intellectual Property Organization (WIPO). Example NikeTrade Name - A name used by a merchant or manufacturer to designate and different its products (often same as brand name). P & G Proctor and Gamble ( company name) Coca Cola Comp, KFC, TBellyum Top 3 most valuable brands in the world - 1. Apple 2. Google 3. Microsoft Foreign Corrupt Practices act - A United States law passed in 1977 which prohibits U.S. firms and individuals from paying bribes to foreign officials in furtherance of a business deal and against the foreign official's duties. The FCPA places no minimum amount for a punishment of a bribery payment. 3 Main types of Legal systems - Civil Law/Common Law/ Religious Law Extraterritoriality - The state of being exempted from the jurisdiction of local law, usually as the result of diplomatic negotiations. It can also be applied to physical places, such as foreign embassies, military bases of foreign countries, or offices of the United Nations. Corruption least to greatest - a. Europe and Central Asia/Asia pacific - NK (Asia Pacific) Sub Saharan Agircan (Somalia) Difference between China and India - China - population: 1.37 billion - Larger economy - Better infrastructure - 1.12 million millionaires - Manufacturing powerhouse - Manufacturing Labor cost: $3.52/ hour 10 India - population: 1.2 billion - 6.1 million in College - 200 million fluent in English - Service powerhouse - Manufacturing Labor cost: $0.92/ hourWhat problems did Japan face? - As economies move toward greater privatization, there is a greater likelihood of facing the phenomenon that Japan faced due to the stock market collapse. Privatization transfers assets- from state to private owners Deflation occurs when consumers expect prices to-be lower tomorrow than today The Japanese government has tried to stimulate the economy by-cutting interest rates to zero and investing in infrastructure The major cause/causes of the economic problems that Japan faces is/are the-low birthrate and more retired people GDP - is a measure of the total output of a country that takes gross domestic product (GDP) and divides it by the number of people in the country GNI - The total value of all income generated by the residents of a nation, including both the domestic production of goods and services and income from abroad. Purchasing Power Parity (PPP) - A means of adjusting the exchange rates for two currencies so the currencies have equivalent purchasing power Underground economy - The part of a nation's income that, because of un-reporting or underreporting, is not measured by official statistics. What's the U.S population? - 323,148,587 10. Where does majority of Population live in under 15 years? - 41% in Africa Disposable Income - After tax personal income Discretionary Income - the amount of income left after paying taxes and making essential purchases. Gini Index - a measure of the degree to which family income within a country is distributed equally.Offer rate - The price at which a bank is willing to sell a currency. Bid rate: The price at which a bank is willing to buy a currency. Spread- the difference between the offer and the bid price. Appreciation - increase in currency value Free floating (flexible) exchange rates - A government policy to let demand and supply conditions determine exchange rates (however governments might intervene to moderate the rate of change)- US/Canada/Japan/EU. Managed floating - Currency floats according to market forces, but governments actively intervenes (behind the scenes) to a larger extent (than in free floating regime). - Peru/Mexico/South Africa/ India Conventional Fixed peg arrangement - A fixed rate relationship allows a currency's exchange rates with one or a basket of currencies to fluctuate around a fixed rate within a narrow band of less than 1 percent.- Saudi Arabia/ Jordan/ Bahamas.