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- Which of the following is not 1 of the 4 sources of American law: Select one: a. Constitution. O b. Statutes. O c. Remedies. O d. Case law.What are the two main Classifications of law: Select one: a. Statutory and Constitutional b. Administrative and Regulatory C. Case law and Precedents O d. Criminal and CivilThe laws passed by Congress and by state legislatures are called: Select one: O a. stare decisis. O b. executive orders. O c. notices. O d. statutes.
- Based upon those notions of self-interest and public interest and the bringing of both into harmony, according to Adam Smith, how would a market economy accomplish that harmony about which he describes? What is government's place in that market economy? What about incentives as opposed to free offerings? What about trade?NAME Rayan Abera Legal Environment PERIOD 4th. Entrepreneurship Test Chapter 8 30 POINTS. Multiple Choice Identify the choice that best completes the statement or answers the question. 1. A percentage of the price of an item that goes to a state or local government is a a. discount. c. patent. b. sales tax. d contract. 2. Which of the following terms means that you are legally able to enter into a binding agreement? legality C. agreement 6. consideration d. capacity 3. A binding legal agreement or promise to do something is a - a. c. contract. law. permit. d. license. 4. The federal agency that monitors product safety for items such as cosmetics, food items, and suntan lotions is - the a. Federal Trade Commission. b. Food and Drug Administration. C. American Bar Association. Consumer Product Safety Commission. 5. The law that established a minimum wage and maximum working hours is the a. Clayton Act. b. Fair Packaging and Labeling Act. Fair Labor Standards Act. d. Occupational Safety…What is a common criticism of conflict theory? A. Conflict theorists focus too strongly on gender and racial inequality. B. Conflict theory exaggerates the problems of economic inequality. C. Conflict theorists are too focused on micro-level factors. D. Conflict theory overemphasizes disagreement and competition.
- In Mcdonald v. Chicago Justice John Paul Stevens made an argument against applying all Bill of Rights provisions to the states. He stated, “When a federal court insists that state and local authorities follow its dictates on a matter not critical to personal liberty or procedural justice, the latter may be prevented from engaging in the kind of beneficent ‘experimentation in things social and economic’ that ultimately redounds to the benefit of all Americans.” How would you respond to Stevens’ quote?what are the three institution of government that protect individuals right in a market economy, explain their functionsQuestion 9 D When governments grant patents: C producers earn profits that are substantially higher than would occur in a competitive market. O consumers pay a higher price than they would in a competitive market. consumers are likely to pay lower prices than they would in a competitive market. C Both producers earn profits that are substantially higher than would occur in a competitive market and consumers pay a higher price than they would in a competitive market are correct. Question 10 Which of the following is most accurate? C In all cases, competitive markets yield more consumer surplus than would be enjoyed in a monopoly market with the same cost structure. C In all cases, competitive markets yield less consumer surplus than would be enjoyed in a monopoly market with the same cost structure. C In some cases, competitive markets can yield less consumer surplus than would be enjoyed in a monopoly market with the same cost structure. In all cases, competitive markets yield the same…
- How did Adam Smith justify the ethics of capitalism?2. Why did free markets and marketing win in the competition with communism?Decide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.