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CH 1 SmartBook BUSA 2106 Exam Questions and Answers 100% Pass
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CH 1 SmartBook BUSA 2106 Exam Questions and Answers 100% Pass True or False: The three concepts necessary for a functioning market in a modern nation are law, rule of law & property. - True Identify a true statement about law. - It is a formal social force Under rule of law, laws that are made...

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  • November 30, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ch 1 smartbook busa 2106 exam questions and answer

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CH 1 SmartBook BUSA 2106 Exam Questions and
Answers 100% Pass

True or False: The three concepts necessary for a functioning market in a modern nation are law, rule of

law & property. - ✔✔True


Identify a true statement about law. - ✔✔It is a formal social force


Under rule of law, laws that are made are____ - ✔✔Equally and generally applicable


In the legal world a word synonymous with "property" is? - ✔✔Ownership


Match the types of ownership fences with their descriptions.


Public Property:


Private property:


Common property: - ✔✔Public Property: Resources owned by the government.




Private property: Resources owned by an individual.




Common property: Resources owned by more than one individual jointly.


Identify the concepts that establish a necessary framework for the most effectively functioning market in

the modern nation. - ✔✔Property


Law


The rule of Law


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©EmilyCharlene 2024. All Rights Reserved.

, Identify a law that regulates the transfer of ownership in certain profit-making opportunities. -

✔✔Securities law


_____is made up of rules that are laid down by the state and backed up by enforcement. - ✔✔Law


The ideas of law that have developed over the centuries to help explain the origin of law and its

justification are known as ideas of law______. - ✔✔Jurisprudence


Identify the universal principles that define the rule of law according to the World Justice Project. (Check

all that apply.) - ✔✔-The laws protect fundamental rights, including the security of persons and property

and certain core human rights.


-The government and its officials and agents as well as individuals and private entities are accountable

under the law.


Which of the following statements are true of "property" or "ownership" in law? (Check all that apply.) -

✔✔-It acts as a legal fence that does not allow others to interfere with what one owns.


-It allows one to exclude others from something without one's permission.


The philosophy of natural law asserts that law contains universal moral principles that are _____. -

✔✔determinable by human reason


Identify an example of private property. - ✔✔A car owned by an individual


The school of positive law jurisprudence believes that law _____. - ✔✔is simply the commands of the

state backed up by punishments and force.


A law that identifies how individuals can own and use private resources in groups is the _____. - ✔✔law

of corporate governance and business organizations


Which school of jurisprudence emphasizes that contemporary law should focus on legal principles that

have withstood the test of time in a nation? - ✔✔The historical school of jurisprudence

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