Which of the Following Is an Example of an Agency

question 38

Multiple Choice

Which of the following is an example of an agency that is created by express appointment?

• A)Adam is entrusted with Peter's property and finds it necessary to do something with it in order to preserve it.
• B)Peter retrospectively affirms the authority of Adam.
• C)Adam and Peter become partners in a partnership.
• D)Peter appoints Adam under a general power of attorney to carry out a particular transaction on his behalf.

---

Definitions:

Autarky

An economic system where a region or country is self-sufficient and does not engage in international trade.

Consumer Surplus

The discrepancy between what buyers are willing to offer for an item or service and the price they actually pay.

Producer Surplus

Producer surplus is the difference between the amount producers are willing and able to supply a good for and the actual amount they receive due to market price.

Autarky

An economic system wherein a country or entity is self-sufficient and does not engage in international trade.