Which Is Generally Recognized as the Best (Most Correct) Definition

question 134

Multiple Choice

Which is generally recognized as the best (most correct) definition of law?

• A) a body of rules of action or conduct prescribed by controlling authority, and having binding legal force
• B) that which must be obeyed and followed by members of a society subject to sanctions or legal consequences
• C) the circumstances in which the public force is brought to bear through the courts
• D) a rule of conduct that justifies a prediction that it likely will be enforced by the courts if its authority is challenged
• E) all of the other choices are correct; there is no one agreed upon best definition

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Definitions:

Discretionary Expansionary

Refers to fiscal or monetary policy actions initiated by a government or central bank to stimulate economic growth.

National Saving

The total amount of savings generated within a country, equal to the sum of private and public savings, often used for investment.

Crowding Out

The phenomenon where increased government spending leads to a reduction in private sector investment or spending due to higher interest rates or competition for resources.

Discretionary Fiscal Policy

It involves government policy changes in taxation and spending designed to influence economic activity, typically to counteract inflation or deflation and stabilize the economy.