If Income Elasticity for a Good or Service Is ______,Then

question 44

Multiple Choice

If income elasticity for a good or service is ______,then we can say that the good or service is _____.

• A)negative;inferior
• B)negative;normal
• C)positive;inferior
• D)zero;normal

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Definitions:

Testamentary Trust

A trust that is created by will and that does not take effect until the death of the testator.

Decedent's Will

A legal document specifying how an individual’s assets and responsibilities should be managed and distributed after their death.

Estate Administration

The process in which a decedent’s personal representative settles the affairs of the decedent’s estate, collects assets, pays debts and taxes, and distributes the remaining assets to heirs. The process is usually overseen by a probate court.

Probate Court

A specialized court that deals with matters pertaining to wills, estates, conservatorships, and guardianships.