​Kit Has Two Children, Lea (The Eldest) and Merl, Both

question 57

Multiple Choice

​Kit has two children, Lea (the eldest) and Merl, both of whom predecease Kit. Lea is survived by a son, Nat, and Merl by two daughters, Opal and Pearl. On Kit's death, if the estate is distributed per capita

• A) ​Nat will receive one-half of the estate, and Opal and Pearl will each receive one-fourth.
• B) ​Nat will receive the entire estate.
• C) ​the grandchildren will each receive one-third of the estate.
• D) ​the grandchildren will not receive anything.

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Definitions:

Prices

The amount of money required to purchase a good or service, often determined by supply and demand dynamics.

Consumer Sovereignty

The determination by consumers of the types and quantities of goods and services that will be produced with the scarce resources of the economy; consumers’ direction of production through their dollar votes.

Legislation

Laws or legal statutes passed by a legislative body, governing body, or the process of enacting laws.

Market System

An economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.