Ted and Janet Were Married and Owned a Piece of Jungle

question 32

Multiple Choice

Ted and Janet were married and owned a piece of jungle property in a tenancy by the entirety.When Janet died,her will left all of her real property to T.J. ,Ted and Janet's adult son.T.J.claims he is the sole owner of the jungle property.Ted objects and files a lawsuit for sole ownership of the jungle property.

• A)Ted will win because property owned in a tenancy by the entirety includes rights of survivorship for the surviving spouse.Ted will get the title to the entire property.
• B)Ted will win only a one-half interest in the jungle property.T.J.will own the other one-half interest because Janet had the right to will her half of the property to anyone she chose.
• C)Ted will lose and forfeit his entire interest in the whole property because a tenancy by the entirety means that one party owns the entire property.
• D)T.J.will be required to sell his share in the property to Ted.

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Definitions:

Elasticity of Labor Supply

A measure of the response of labor supplied to a change in the price of labor.

Wages

Payments made to employees by employers, typically based on the number of hours worked or a fixed amount for a certain job.

Quantity of Labor

The total hours worked or the number of employees engaged in production within a certain period.

Unit Elastic

A situation where a change in price leads to an equal proportional change in the quantity demanded or supplied.