Test bank Solution Manual For The Legal and Regulatory Environment of Business 19e Pagnattaro.

, Test bank Solution Manual For The Legal and
Regulatory Environment of Business 19e
Pagnattaro
Student name: k




TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
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1) Law is considered to be a formal social force.
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⊚ true
⊚ false




2) The first known written set of laws was the Code of King Solomon.
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⊚ true
⊚ false




3) Rule-of-law nations adopt laws supporting the private market because it is in everyone’s
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interest, including the lawmakers’.
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⊚ true
⊚ false




4) Common property applies to public resources owned by the government (or “state”) like
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roads, public buildings, public lands, and monuments.
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⊚ true
⊚ false

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, 5) Tort law compensates owners whose resources are wrongfully injured by the acts of
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others.
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⊚ true
⊚ false




6) Regulatory law forbids owners from monopolizing classes of resources and sets rules for how
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businesses can compete to acquire ownership in new resources.
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⊚ true
⊚ false




7) Jurisprudence is the philosophy of law. k k k k k




⊚ true
⊚ false




8) Natural law theory asserts that law contains universal moral principles.
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⊚ true
⊚ false




9) The basis of sociological jurisprudence is that contemporary law should focus on legal
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principles that have survived the test of time in a nation.
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