Which of the Following Statement Is(are)true

question 28

Multiple Choice

Which of the following statement is(are) true?

• A)Most countries have laws and court procedures protecting intellectual property such as those in the United States.
• B)Civil laws tend to be relatively nonspecific.
• C)Laws of a country regulate the manner in which business transactions are executed.
• D)Global entrepreneurs cannot specify in the contract that any contract disputes will be heard in the courts of another country.

---

Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is unachievable.

Tax

A required financial fee or another kind of duty enforced on a taxpayer by government authorities, designed to raise funds for government outlays and a range of public expenses.

Price-Elastic Supply

A situation where the quantity supplied of a good changes significantly as a result of changes in its price.

Excise Tax

A tax imposed on specific goods, services, or transactions, often included in the price of products like tobacco, alcohol, and fuel, to generate revenue or discourage consumption.