Use the Following Graph to Answer the Questions That Follow

question 38

Multiple Choice

Use the following graph to answer the questions that follow.

-In a trading (open) economy,the price of a TV will be:

• A) $75.
• B) $125.
• C) $175.
• D) $225.
• E) $275.

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Definitions:

Executor

An individual appointed in a will to manage the estate of the deceased, ensuring that all debts are paid and assets are distributed according to the will.

Escheat

A legal process where unclaimed or forfeited property reverts to the state if there are no claimants or heirs.

Probate

The legal process of administering the estate of a deceased person, resolving all claims, and distributing the deceased person's property under a will.

Testamentary Trust

A trust that is created according to the instructions in a person’s will to manage assets for beneficiaries after the person's death.