With Patents

question 63

Multiple Choice

With patents:

• A) there is standardization, to some degree, through the Paris Union.
• B) there is no standardization, so often companies such as Nestlé file many patent applications in different countries.
• C) total harmonization has been reached through UN accords and the EPO.
• D) an inventor is automatically granted rights to her invention as long as she completes a patent filing.
• E) the first person to file is the one who receives patent protection.

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Definitions:

Removal and Restorations Costs

The expenses associated with dismantling and removing an asset, and restoring the site on which it was located.

Development Phase

A stage in the lifecycle of a project or product focused on research, design, and development activities before commercial production begins.

Volatility

A statistical measure of the dispersion of returns for a given security or market index, often used to quantify the risk of a security or portfolio.

Full Cost Method

An accounting method used in the oil and gas industry where all exploration, development, and production costs are capitalized and amortized over the life of reserves.