A Trust in Which You Relinquish Title and Control of the Assets

question 102

Multiple Choice

A trust in which you relinquish title and control of the assets when they are placed in the trust,which becomes a separate legal entity,is called a(n)

• A)family trust.
• B)revocable living trust.
• C)irrevocable living trust.
• D)testamentary trust.

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Definitions:

Aggregate Demand

The total demand for all goods and services within an economy at a given overall price level and in a given time period.

Protectionism

A policy of imposing restrictions on imports, often through tariffs and quotas, to shield domestic industries from foreign competition.

Frederic Bastiat

A French economist and writer known for his advocacy of free-market policies and his critique of protectionism in the 19th century.

European Union

A political and economic union of 27 European countries that are located primarily in Europe.