80. The Boldovian government took Sea Lion Inc., a domestic, private shipbuilding firm, into
state ownership to save the company from bankruptcy. However, the other private competitors in
the shipbuilding industry were raged at this decision of the government. As a result, the
government had to reduce the tax burden on all other private shipbuilding firms so that both the
state-owned enterprise and private firms could co–exist. According to this information, Boldovia
has most likely adopted a _____ economy.
81. Collectivist-inclined totalitarian states tend to enact laws that severely restrict private
enterprises, whereas the laws enacted by governments in democratic states, where individualism
is the dominant political philosophy, tend to be pro-private enterprise and pro-consumer. This
indicates that the:
82. Which of the following is true about legal systems?
83. Which of the following legal systems is most likely to be based on tradition, precedent,
and custom?
84. In the context of common law, which of the following terms refers to the ways in which
laws are applied in specific situations?
85. In the context of common law, the term “tradition” most likely refers to the:
86. The common law system enjoys a degree of flexibility not found in
other systems because :
87. A _____ law system is based on a detailed set of laws organized into
codes.
88. A legal system which is based primarily on religious teachings is referred to as the:
89. _____ is the most widely practiced theocratic legal system in the modern world.
90. Which of the following law systems is most likely to be used by a law court if it solves a
complicated case related to property rights, by basing his judgment on similar, old cases that
have come before the courts?
91. Which of the following is true about the three main types of legal systems?
92. Jewish law is an example of a _____ law system.
93. _____ are documents that specify the conditions under which an exchange is to occur and
details the rights and obligations of the parties involved.
94. Which of the following statements is true about the difference between contracts in
common law and civil law systems?
95. In comparison to contracts in a civil law system, contracts drafted under a common law
framework tend to be:
96. The _____ establishes a uniform set of rules governing certain aspects of the making and
performance of everyday commercial contracts between sellers and buyers who have their places
of business in different nations.
97. When firms do not wish to accept the rules of the CIGS, they often opt for _____ to settle
contract disputes.
98. The bundle of legal rights over the use to which a resource is put and over the use made
of any income that may be derived from that resource are called _____ rights.
99. Which of the following is true about property rights?
100. In the context of property rights, _____ refers to theft, piracy, blackmail, and the like by
private individuals or groups.