If Property That Is Located in a State Becomes the Subject

question 51

Multiple Choice

If property that is located in a state becomes the subject matter of a lawsuit, the power of a court in that state to resolve disputes concerning the property is called:

• A) in rem jurisdiction
• B) territorial jurisdiction
• C) in personam jurisdiction
• D) removal jurisdiction
• E) venue

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Definitions:

Positive Externalities

Benefits experienced by third parties who are not directly involved in the production or consumption of a good or service.

Moral Hazard Problem

A situation where one party engages in risky behavior knowing that it is protected against the consequences by another party.

Government's Role

Refers to the duties and functions that a government carries out to ensure the stability and growth of its nation, including legislation, public service provision, and economic management.

Private Sector

The part of the economy that is owned and operated by individuals and companies for profit, as opposed to the state.