All of the Following Statements Are True Regarding International Legal

question 50

Multiple Choice

All of the following statements are true regarding international legal systems except

• A)the common law system has its roots in the United Kingdom.
• B)in common law countries,there are generally fewer statutes written into the laws.
• C)in code law countries,there is more reliance on interpretations by the courts than in common law countries.
• D)divergence in accounting standards is linked to differences in legal systems around the world.

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Definitions:

Alfred Marshall

He was a prominent British economist in the late 19th and early 20th centuries, best known for his significant contributions to the principles of microeconomics.

Price Determination

The process by which the prices of goods and services are established based on supply and demand conditions.

Supply and Demand

The fundamental economic model describing how prices vary as a result of a balance between product availability and the desire of buyers.

Quantity Demanded

The aggregate quantity of a product or service that buyers are prepared to buy at a specific price point.