If the Lorenz Curve were used to graph the distribution of income in an economy where all households earn the exact same income, the graph would show a straight line and sloped diagonally upward
Answer: Option C
<u>Explanation:
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Max Lorenz had developed Lorenz Curve in the year 1905 which represents graphically the income or wealth inequality in a given population. A diagonal and straight line representing parity in distribution of income, which, accompanies the Lorenz curve.
The area between curved line and the straight line showing the ratio of that area represents the inequality in the distribution of income in the population. Greater the difference between the straight line and the curve, higher is the inequality among the people with regards to the distribution of income in the economy.
Common law relies on decisions made by judges in previous cases along with statutes and regulations made by legislatures.
What is Common law?
- In law, common law is the body of law formed by judges and comparable quasi-judicial tribunals by virtue of being declared in written decisions.
- It is also known as judicial precedent, judge-made law, or case law.
- The fact that "common law" emerges as precedent is its distinguishing feature.
- In circumstances where the parties differ on the law, a common law court looks to previous precedential decisions of competent courts and synthesizes the principles of those previous cases as applicable to the current facts.
- If a similar matter has already been decided, the court is usually compelled to follow the reasons employed in the earlier ruling (a principle known as stare decisis).
Therefore, common law relies on decisions made by judges in previous cases along with statutes and regulations made by legislatures.
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Answer: False
Explanation: Alternate dispute resolution method that is used for settling any dispute or problem outside the court without trial .The most common used processes for resolving the dispute are arbitration, collaborative law,mediation , conciliation etc.
Iitigation is defined as the method in which the legal concern is present thus, this method is not used outside the courtroom for ADR. Therefore, the statement given in the question is false.
Answer:
The 13th Amendment
Explanation:
Passed by Congress on January 31, 1865, and ratified on December 6, 1865, the 13th amendment abolished slavery “within the United States, or any place subject to their jurisdiction.”
