Implicit Liabilities of a Government Are

question 221

Multiple Choice

Implicit liabilities of a government are:

• A) bonds held by foreigners.
• B) spending promises,like social insurance benefits,that are effectively debt although no bond is associated with the promise.
• C) debt of a country adjusted for the price ratio.
• D) the ratio of a country's debt to its GDP.

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Definitions:

Administrator

The personal representative appointed by a probate court to settle the estate of a deceased person who died intestate (without leaving a valid will).

Decedent

A legal term used to refer to a person who has died, especially concerning their estate or possessions left behind.

Executor

A person named in a will who is charged with managing the estate of the deceased, ensuring that their wishes are carried out according to the will.

Legal Heir

is a person who is legally entitled to inherit assets from the estate of a deceased person, either through a will or through intestate succession laws.