Tom, the Manager and Owner of a Small Company, Believes

question 34

Multiple Choice

Tom, the manager and owner of a small company, believes in the signaling theory of education, not the human capital theory. As such, Tom would be most likely to agree with which of the following quotes?

• A)"We encourage our employees to enroll in night classes to improve their on-the-job productivity."
• B)"We encourage our employees to participate in online seminars to learn new skills."
• C)"We pay higher wages to employees who have MBAs because, on average, their job performance is better than similar employees who do not have MBAs."
• D)"When we interview prospective employees at job fairs, we are looking for college graduates because they have the determination and follow-through to finish what they start."

Distinguish between statutory law and common law, including their origins and applications.

Appreciate the principles underpinning natural law and legal positivism.

Identify the differences and functions of substantive law, procedural law, public law, and private law.

Comprehend the structure and function of administrative agencies within the legal system.

---

Definitions:

Administrative Law

The body of law that governs the creation and operation of administrative agencies, including the rules and regulations they enact.

Stare Decisis

A legal principle that dictates that courts should follow the precedents set in previous legal decisions.

Doctrine of Precedent

A legal principle whereby previous judicial decisions influence or control the ruling on similar future cases.

Substantive Law

The set of laws that governs the rights and duties of people within society, as opposed to procedural law which dictates how those rights and duties are enforced.