(Figure: PPF Mexico & U

question 71

Multiple Choice

(Figure: PPF Mexico & U.S.) Use the figure in which bothMexico and the United States each have 24 units of labor. Theopportunity costs of producing one shirt are:

• A)one computer for Mexico and 1/6 of a computer for the United States.
• B)1/6 of a computer for Mexico and one computer for United States.
• C)one computer for both Mexico and the United States.
• D)1/6 of computer for both Mexico and the United States.

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Definitions:

Living Trust

A legal document that places assets into a trust for the grantor's benefit during their lifetime and specifies how to distribute remaining assets after the grantor's death.

Resulting Trust

A trust formed by implication of law when property is transferred under circumstances suggesting the transferor does not intend the transferee to have beneficial interest in the property.

Revocable Living Trust

A legal document that allows an individual to control their assets during their lifetime and specify how these assets are distributed upon their death. It can be altered or revoked.

Constructive Trust

An equitable remedy imposed by a court to rectify situations where injustice would otherwise occur due to wrongful possession of property.