Which of the Following Concepts Refers to the Historical Practice

question 51

Multiple Choice

Which of the following concepts refers to the historical practice in England of passing on property to only the first-born male descendant?

• A)the law of the estates
• B)the law of meritocracy
• C)the law of status consistency
• D)the law of primogeniture

---

Definitions:

Rational Behavior

A theory in economics suggesting that individuals make decisions based on maximizing utility and firms aim to maximize profits.

Smooth Convex Preferences

Preferences characterized by continuous and consistently increasing utility, indicating a reasoned and balanced choice pattern.

Borrow

The act of receiving something of value in exchange for the promise to return it or its equivalent value at a later date.

Lend

The act of giving money or goods to someone with the expectation that it will be paid back in the future.