When Someone Dies Without a Will, the Province or Territory

question 67

Multiple Choice

When someone dies without a will, the province or territory distributes property according to

• A) the wishes of the deceased, if known.
• B) provincial/territorial rules.
• C) the wishes of the family.
• D) decisions by a court-appointed administrator.

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Definitions:

Market Basket

A set of goods and services used to represent what is consumed by a typical consumer for the purpose of measuring inflation or cost of living.

Utility Maximization

The process by which individuals allocate their resources to obtain the highest possible level of satisfaction or utility, subject to their budget constraint.

Marginal Utility

The change in total utility obtained by consuming one additional unit of a good or service.

Consumption Bundle

A set of goods or services that a consumer chooses to purchase at a given time.