Which of the Following Is True About the Three Main

question 72

Multiple Choice

Which of the following is true about the three main types of legal systems?

• A)Judges under a civil law system have more flexibility than those under a common law system.
• B)The common law system evolved in the United States over hundreds of years.
• C)Although Islamic law is primarily concerned with moral behavior,it has been extended to cover certain commercial activities.
• D)A theocratic law system is based on a detailed set of laws organized into codes.
• E)Common law cannot be altered,clarified,or amended to deal with new situations.

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Definitions:

Externalities

Economic side effects or consequences of commercial activities that affect other parties without being reflected in costs.

Price Mechanism

The process through which prices rise and fall as a result of changes in supply and demand, determining the allocation of resources in a market economy.

Wage and Price Controls

Government-imposed restrictions on the levels at which wages and prices can be set, usually to control inflation.

Inflation

A general increase in prices and decrease in the purchasing value of money.