Which of the Following Is True Regarding the Form of Authority

question 12

Multiple Choice

Which of the following is true regarding the form of authority upon which an agency relationship may be created?

• A) Agency relationships can be created through expressed agency, but not through implied authority, apparent agency, or through ratification.
• B) Agency relationships can be created through expressed agency or through implied authority, but not through apparent agency or through ratification.
• C) Agency relationships can be created through ratification, but not through implied authority, apparent agency, or expressed authority.
• D) Agency relationships can be created through ratification or expressed agency, but not through implied authority or apparent agency.
• E) Agency relationships can be created through expressed agency, implied authority, apparent agency, or ratification.

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Definitions:

Specializing Exclusively

Involves focusing production or economic activities on a single area or product to maximize efficiency and expertise.

Recession

A momentary economic deflationary period, seen in reduced levels of trade and manufacturing, commonly characterized by a GDP drop for two sequential quarters.

Efficiently

Achieving maximum productivity with minimum wasted effort or expense, often related to the optimal use of resources.

Economic Growth

An increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real terms, the latter of which is adjusted for inflation.