A General Power of Attorney

question 74

Multiple Choice

A general power of attorney

• A)enables the attorney to make a new will for you.
• B)terminates automatically when assets run out.
• C)does not provide immediate authority until someone becomes ill.
• D)terminates if the attorney dies.

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Definitions:

Price Elasticity

An indicator of the sensitivity of demand for a product to variations in its price.

Relatively Inelastic

Describes a demand characteristic where a change in price leads to a smaller proportionate change in quantity demanded.

Excise Tax

A tax levied on specific goods, services, or transactions, often imposed on items such as alcohol, tobacco, and gasoline.

Price-Elastic Demand

The characteristic of demand for a good indicating that a change in price results in a relatively larger change in the quantity demanded.