Which of the Following Is True of Tort Law

question 38

Multiple Choice

Which of the following is true of tort law?

• A) The law of tort itself is criminal rather than civil.
• B) Tort law typically deals with breach of contract.
• C) It protects people from being tried twice for the same crime.
• D) It provides compensation to those workers who have been injured on the job.
• E) It sets limits on how people can act and use their resources.

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Definitions:

Implicit Cost

Costs that represent the loss of potential gain from using assets in an alternative option rather than in their current use.

Implicit Costs

The opportunity costs of resources that are owned by the firm and used in production, not involving direct payment of money but affecting the firm's profitability.

Explicit Costs

Direct payments made to others in the course of running a business, such as wages, rent, and materials.

Accounting Profits

The net earnings of a company as calculated by subtracting total expenses from gross revenue, according to accepted accounting principles.