Law That Pertains to a Particular Nation Is Called

question 30

Multiple Choice

Law that pertains to a particular nation is called:

• A)Common law
• B)Administrative law
• C)Statutory law
• D)None of these choices are correct

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Definitions:

External Benefit

A benefit gained by individuals or firms not directly involved in a transaction, leading to positive side effects or spillovers.

Private Cost

The direct cost that producers or consumers incur through their actions, not including externalities.

Private Value

Refers to the value that an individual or a private entity assigns to a good or service, based on personal assessment rather than market perception.

Economists

Experts in economics who study, develop, and apply theories and concepts about how economies work and distribute resources.