11) All else equal, if the supply of veterinarians continues to increase while the population of dogs and cats continues to decline, the incomes of veterinarians will A) increase. B) decline. C) remain unchanged. D) be indeterminate. 12) If the labor supply is unchanged, an increase in the demand for labor will A) increase the equilibrium wage and decrease the number of […]
158. A static budget report is appropriate for a.fixed manufacturing costs. b.fixed selling and administrative expenses. c.variable selling and administrative expenses. d.both fixed manufacturing costs and fixed selling and administrative expenses. 159. Sydney, Inc. uses flexible budgets. At normal capacity of 16,000 units, budgeted manufacturing overhead is $128,000 variable and $360,000 fixed. If Sydney had actual overhead costs of $500,000 for […]
111) In mixed economies, economic behaviour is A) largely determined by a central authority. B) based primarily on custom and habit. C) directed only by self interest. D) affected by elements of tradition, government command, and market incentives. E) random and unpredictable. 112) In traditional economies, economic behaviour is A) largely determined by a central authority. B) based primarily on custom and habit. C) […]
161.ThecountryofGeranceproducestwogoods,carsandwine.Lastyear,itproduced1,000carsand15,000casesofwine.Thisyear,itproduced1,300carsand20,000casesofwine.Givennootherinformation,whichof thefollowingeventscouldnotexplainthischange? a.Geranceexperiencedareductioninunemployment. b.Geranceexperiencedanimprovementincar-makingtechnology. c.Geranceacquiredmoreresources. d.Anyoftheseeventscouldexplainthechange. 162.Supposeaneconomyproducestwogoods,foodandmachines.Thiseconomyalwaysoperatesonitsproductionpossibilitiesfrontier.Lastyear,itproduced1000unitsoffoodand47machines.Thisyear,itisproducing1050unitsoffoodand52machines.Whichofthefollowingeventscouldnotexplaintheincreaseinoutput? a.areductioninunemployment b.anincreaseinavailablelabor c.animprovementintechnology d.Anyoftheseeventscouldexplaintheincreaseinoutput. 163.Supposeaneconomyproducestwogoods,foodandmachines.Thiseconomyalwaysoperatesonitsproductionpossibilitiesfrontier.Lastyear,itproduced1000unitsoffoodand47machines.Thisyearitexperiencedatechnologicaladvanceinitsmachine-makingindustry.Asaresult,thisyearthesocietywantstoproduce1050unitsoffoodand47machines.Whichofthefollowingstatementsiscorrect? a.Becausethetechnologicaladvanceoccurredinthemachine-makingindustry,itwillnotbepossibletoincreasefoodproductionwithoutreducingmachineproductionbelow47. b.Becausethetechnologicaladvanceoccurredinthemachine-makingindustry,increasesinoutputcanonlyoccurinthemachineindustry. c.Inordertoincreasefoodproductioninthesecircumstanceswithoutreducingmachineproduction,theeconomymustreduceinefficiencies. d.Thetechnologicaladvancereducedtheamountofresourcesneededtoproduce47machines,sotheseresourcescouldbeusedtoproducemorefood. 164.Supposeaneconomyonlyproducestwogoods,robotsandicecream.Lastmonth,theeconomyproduced10robotsand200gallonsoficecream.Thismonth,thesameeconomyproduced15robotsand240gallonsoficecream.Whichofthefollowingstatementscouldexplainthischange? a.Thismonth,theeconomyreducedtheunemploymentofitsresources. b.Thismonth,theeconomyexperiencedanimprovementintechnology. c.Thismonth,theeconomyexperiencedanincreaseinresources d.Alloftheabovearecorrect. 165.Acertainproductionpossibilitiesfrontiershowsproductionpossibilitiesfortwogoods,jewelryandclothing.Whichofthefollowingconceptscannotbeillustratedbythismodel? a.theflowofdollarsbetweensellersofjewelryandclothingandbuyersofjewelryandclothing b.thetradeoffbetweenproductionofjewelryandproductionofclothing c.theopportunitycostofclothingintermsofjewelry d.theeffectofeconomicgrowthonproductionpossibilitiesinvolvingjewelryandclothing 166.Theproductionpossibilitiesfrontierisusedtoillustratesomebasiceconomicideas,including a.scarcity. b.opportunitycost. c.economicgrowth. d.Alloftheabovearecorrect. Table2-3 ProductionPossibilitiesforFootville Shoes Socks 800 0 600 400 400 700 200 900 0 1000 167.RefertoTable2-3.WhatistheopportunitycosttoFootvilleofincreasingtheproductionofshoesfrom400to600? a.400socks b.300socks c.200socks d.100socks 168.RefertoTable2-3.Whichofthefollowingstatementsiscorrect? a.Theopportunitycostofanadditional200shoesisconstantat200socks. b.Theopportunitycostofanadditional200shoesisconstantat300socks. c.Footville’sproductionpossibilitiesfrontierisastraight,downwardslopingline. d.Theopportunitycostofanadditional200shoesincreasesasmoresocksareproduced. Table2-4 ProductionPossibilitiesforPicnicland […]
21.On the income statement, unusual OR infrequent income events are found in a. operating revenues and expenses. b. other revenues or expenses. c. disposal of a business segment. d. extraordinary gains or losses. e. cumulative effects. 22.Which one of the following is true about earnings per share? a.Must be calculated as earnings per ‘preferred’ share b.Must be calculated as earnings […]
15.5 Integrative Questions 1) Consider a short-run equilibrium in a perfectly competitive market. Suppose that the firms’ average total cost and marginal cost schedules differ. In the short run, A) all firms in the market must be able to make an economic profit. B) all firms produce equal amounts of output. C) some firms might incur an economic loss, but still produce output. […]
41) The Family and Medical Leave Act does NOT apply to employees who have: A) previously adopted children. B) been with an employer less than one year. C) reached retirement age. D) previously taken FMLA leave. 42) The Family and Medical Leave Act only affects employers that: A) offer health benefits. B) are publicly held. C) are federal contractors. D) have 50 […]
1. Three phases of water are shown in the figure. List the terms used to identify the phase changes indicated by the arrows. A)A = sublimation, B = vaporization, C = freezing B)A = condensation, B = sublimation, C = melting C)A = freezing, B = vaporization, C = melting D)A = deposition, B = vaporization, C = melting E)A = deposition, B = sublimation, […]
21) The term “investment” in macroeconomics means A) the total amount of capital goods in the country. B) the production of goods for immediate consumption. C) the same thing as profits. D) the production of goods not for immediate consumption use. E) money spent in markets for financial capital. 22) To calculate GDP from the expenditure side, one must add together A) wages, profits, […]
11) Which of the following shift the supply of labor curve leftward? i.an advancement in technology ii.a decrease in the price of the product that the labor produces iii.a decrease in the adult population A) i and ii B) ii and iii C) ii only D) iii only E) i, ii, and iii 12) The figure above shows the market supply of labor curve. […]
As you have learned throughout this course, there are various methods in acquiring property. Similarly, there are various rights and duties associated with property acquisition and ownership. These rights and duties are created in situations such as adverse possessions, property purchases, licenses, easements, encumbrances, etc.
Easement agreements are simply contractual agreements. Easement agreements must conform to the specific contractual requirements, especially relative to Statute of Frauds. Therefore, the traditional contractual principles will apply here, in addition to state statutory authority that clarifies these same aspects.
Scenario
Suppose the owners, Mr. Land and Mrs. Acre, of two houses (124 West Main Street, Your town, Your state, which is House 1, and 126 West Main Street, Your town, Your state, which is House 2,) that share a common driveway come to your office for the preparation of an easement. Mr. Land owns House 1, and Mrs. Acre owns of House 2. The driveway really belongs mostly to Mr. Land, but Mrs. Acre would like to use it to get to the back of her home. The parties want to formally put their agreement in writing, as Mrs. Acre intends to pay Mr. Land $2,000 for the easement right.
Instructions
Prepare and submit a joint driveway easement that would cover their rights to use the joint driveway, which includes the following information within the agreement itself:
Grantor
Grantee
Date
Consideration
Words of Conveyance
Legal Description (you can be creative and create your own legal description; but, it must adhere to the metes and bound requirements or similar legal description methods)
Granting Clause
Encumbrance Clause
Reddendum Clause
Habendum Clause
Tenendum Clause
Warranty Clause
Any Miscellaneous Clauses
Testimonial Clause/Witnesses and Acknowledgment (including notarization)
Please submit same within the applicable Dropbox for grading by the end of Unit 3.
Tips and Suggestions
(1) Be sure to refer to your state's statutes that may address the parties’ rights and that may assist in adhering to your state’s standard on document preparation relative to Statute of Frauds, agreements involving real property and the recording of same.
(2) Remember that this agreement is a contractual one, so you want to provide the necessary elements and incorporate the necessary contractual principles in this agreement. For a review of contract principles go to pages 66 through 79 in the text
(3) Be creative. Consider the various factors in this scenario that may affect each party’s rights and obligations relative to this easement agreement.
(4) Create an organized and formatted agreement.
(5) Samples are provided at the following resources, which provide a variety of easements (commercial, conservation, etc.):
http://www.oregon.gov/Aviation/docs/resources/AppendixI.pdf
Pennsylvania Land Trust Association:http://conserveland.org/libraries/4/topics/5
U.S. Legal Forms, Inc.: http://www.uslegalforms.com/tx/TX-EAS-1.htm
Note: these samples are merely to provide additional learning and assistance.
Good luck and have fun and be creative in your learning
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