Private Law

question 45

Multiple Choice

Private law

• A) comprises rules that are restricted in its application to only a few persons.
• B) comprises rules of a private nature.
• C) means civil law.
• D) comprises rules that concerns the private relations between persons and groups of persons.
• E) comprises rules applicable to private bodies and institutions such as private schools, private hospitals etc.

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Definitions:

Average Tax Rate

The portion of total income that is paid in taxes, calculated by dividing the total tax paid by the taxpayer’s total income.

Tax Liability

The total amount of tax that an individual, corporation, or other entity is legally obligated to pay to a taxing authority.

Taxable Income

The portion of an individual's or company's income used to calculate how much tax they owe to the government.

Inelastic Demand

Inelastic demand occurs when the quantity demanded of a good or service changes minimally in response to price changes, indicating consumers' low sensitivity to price variations.