The Australian Legal System Differs in Some Respects from the Legal

question 12

Multiple Choice

The Australian legal system differs in some respects from the legal systems of other countries.Select the statement below that correctly describes the Australian system.

• A)Australia has a constitution accompanied by a bill of rights identifying Australian citizens' civil rights and liberties.
• B)The head of state is the Queen of England.
• C)The head of state is also the head of the executive.
• D)The Australian prime minister has no connection with the legislature.

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Definitions:

Marginal Cost

The financial outlay for producing a further unit of a product or service.

Perfectly Competitive Firm

A business that operates in a market where there are many buyers and sellers, each selling identical products, and no single buyer or seller can influence market prices.

Short Run

In economics, it denotes a period in which at least one input (e.g., capital) is fixed and cannot be altered.

Economic Profit

The total revenue of a business minus its explicit and implicit costs; a measure of profitability that includes opportunity costs.