A Testamentary Trust Is Created by a Will and Comes

question 12

True/False

A testamentary trust is created by a will and comes into existence on the settlor's death.

Understand the effect of income changes on the demand for goods and services.

Distinguish between the concepts of price elasticity, income elasticity, and cross elasticity of demand.

Recognize how the proportion of a budget devoted to a product affects its price elasticity of demand.

Identify the relationship between the elasticity of demand and the nature of goods (necessities vs. luxury goods).

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Definitions:

Commerce Clause

A provision in the U.S. Constitution (Article I, Section 8) that gives Congress the power to regulate commerce with foreign nations, and among the several states, and with the Indian tribes.

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s to respond to the Great Depression.

Southern Manifesto

The Southern Manifesto was a document written in 1956 by legislators in the United States Congress opposing racial integration in public places.

Racial Segregation

The practice of separating individuals into racial groups in daily life, such as in schools, housing, and public or private places, often as a result of laws or social norms.