How Was the Process of Judicial Review Through Which Courts

question 55

Multiple Choice

How was the process of judicial review through which courts review legislative and executive actions to determine whether they are constitutional established?

• A) By vote of the U.S. Senate
• B) By vote of the U.S. House of Representatives
• C) By vote of both the U.S. Senate and the U.S. House of Representatives
• D) By common law
• E) By executive proclamation

Recognize the inefficiencies in resource allocation associated with common resources and public goods.

Understand how the private market's response to nonexcludable and nonrival goods leads to market failure.

Analyze the role of government intervention in correcting market failures related to public goods and common resources.

Distinguish between the economic outcomes of goods that are nonrival or rival in consumption and those that are excludable or nonexcludable.

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Definitions:

Security Interest

A legal claim or right granted in an asset as collateral to ensure the fulfilment of an obligation, typically repayment of a loan.

Legal Remedy

The means through which a court of law enforces a right, imposes a penalty, or makes another court order to impose its will.

Purchase-Money Security Interest

A legal claim that allows a creditor priority in reclamation over the bought property if the debtor defaults on a loan used to purchase the property.

Security Interest

A legal claim or right granted on an asset as a security for the performance of an obligation, such as the repayment of a loan.