An Agency Will Be Terminated in All but Which One

question 8

Multiple Choice

An agency will be terminated in all but which one of the following situations?

• A)The principal and agent agree on an agency relationship to sell a boat,and the boat is sold.
• B)A travel agent files for individual bankruptcy under Chapter 13.
• C)The agent violates his duty of loyalty.
• D)An electrician,an agent of a contractor,has her license revoked.

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Definitions:

Balanced Budget Amendment

A proposed federal constitutional rule requiring that the government not spend more than its income in a fiscal year.

Crowding-out Effect

A situation where increased government spending leads to reduced investment in the private sector.

Government Borrowing

The process by which governments finance their expenditures by issuing debt instruments, such as bonds, to the public or borrowing from financial institutions.

Great Recession

A severe global economic downturn that began in 2007 and lasted until 2009, marked by significant declines in financial markets and economic activity worldwide.