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.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Identify the concepts that establish a necessary framework for the most
effectively functioning market in the modern nation. - ✔✔Property
Law
The rule of Law
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.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
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.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Identify the concepts that establish a necessary framework for the most
effectively functioning market in the modern nation. - ✔✔Property
Law
The rule of Law
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.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
