Once Stare Decisis and Case Precedent Is Established

question 63

Multiple Choice

Once stare decisis and case precedent is established

• A) it may be disregarded and overturned by a court if it deems such action appropriate.
• B) it may not be disregarded by a court but may be overturned by state statute.
• C) it may not be disregarded by a court or be overturned by state statute but may only be changed by amendment to the state's constitution.
• D) it may not be disregarded or overturned once established and must be followed without exception.

Understand the characteristics of the American economic system and identify it as modified capitalism.

Comprehend the relationship between ethical conduct, corporate social responsibility, and business profitability.

Analyze government measures to counteract economic contraction and expansion.

Describe the evolution of the American economy through various phases including the marketing economy phase.

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Definitions:

Trade Deficit

A situation where a country's imports exceed its exports, resulting in a negative balance of trade.

Managed-Floating System

A foreign exchange policy whereby a country's central bank intervenes to control its currency value within certain limits, while still allowing the currency value to fluctuate in response to market forces.

Current Account Deficit

A situation where a country's total imports of goods, services, and transfers exceed its total exports, indicating it is spending more on foreign trade than it is earning.