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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, 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
Page 2/11
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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
Page 1/11
©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
Page 2/11
©EmilyCharlene 2024. All Rights Reserved.
