The following question(s) refer(s) to the generalized cell model picture. Identify the Golgi apparatus.

3.  Mother owns several parcels of real estate.  She deeds Parcel 1 to her daughters, Abby and Brigid, as joint tenants. She deeds Parcel 2 to her sons, Carl and Dan, as tenants in common.  She deeds Parcel 3 to her church for “as long as the property is used for church purposes.”  Mother, Abby, Brigid, Carl, and Dan all die in that order.  Who owns the 3 parcels now, and what ownership interests do they have.  Explain.  How could Abby, Brigid, Carl, and Dan have avoided the situation they faced after Mother died, before each of them died?  What if Parcel 3 ends up not being used “for church purposes” 30 years after Mother died?

1.  Katherine plans to open Kitty Korner, a pet supplies outlet specializing in cats, and to hire Bigglesworth and Harvey.  Katherine plans at this point to invest only her own money, and does not expect to make a profit for two years, and expects some profits after the end of the first three years.  She hopes to expand gradually to several stores in the metropolitan area, and eventually to a national chain of Kitty Korners.  Discuss the various types of business organizations that Katherine could use at the different stages of her company’s growth, looking at the advantages and drawbacks of each of the different types of business associations at the different stages of the company’s growth.  Be sure to briefly discuss why you would NOT choose certain options as well.

1.  Busy Builders, Inc. verbally contracts with Life’s A Beach Company to build a Cool Juice ‘n Fruit stand near Inviting Beach for $25,000, with half of the payment in advance and the remaining half due on completion.  The work is to start on April 1, and be finished by May 15, so the stand can be open for the entire summer, which is made clear to Busy Builders.  Busy Builders, devoting most of its workforce to a larger, better paying construction project, does not finish the work until June 15.  The stand opens, but Life’s A Beach loses 4 weeks of early summer sales due to the delay.  Life’s A Beach decides not to pay Busy Builders anything, asserting the Statute of Frauds as a defense and also the breach by Busy Builders in not completing the stand on time.  Busy Builders sues Life’s A Beach, which files a counterclaim.  What happens, and why?  Assume that the above contract is in writing, and includes a provision that time is of the essence, and also provides that in the event of a breach by Busy Builders, Busy Builders will pay Life’s A Beach the sum of $100,000.  Events occur as above, with Busy Builders not completing the job until June 15.  What happens, and why?  Assume the above written contract is agreed to by both parties.  On April 21, Busy Builders tells Life’s A Beach that it cannot complete the project by May 15 because it is busy with other more lucrative projects.  What can Life’s A Beach do in that situation?  What if Busy Builders offers to put its other projects on hold for several weeks in order to finish the Cool Juice ‘n Fruit stand by June 1, but says it will require Life’s A Beach to pay an additional $10,000 to get “priority status” and get the workers and material to finish it up?  Assuming that Life’s A Beach reluctantly agrees to this, and Busy Builders gets the job done on time, what would happen if Life’s A Beach refuses to pay the additional $10,000? What if Busy Builders had delegated the duty to build the stand to Shoddy Construction Corp., which completes the structure on time, but it is significantly inferior to what Life’s A Beach wanted and reasonably expected from Busy Builders?

2.  Discuss at length differences between the common law of contracts and the law of sales of goods under the U.C.C.?  Explain why you think the U.C.C. made these changes.

Suppose household income decreases in the economy.  What happens with interest rates, business borrowing and investment according to the loanable fund model?

Suppose an economy has a consumption function of C = [a] (Yd) + $[b].  If consumers do not buy any new physical capital and there are no transfers, how much savings take place if disposable income is equal to [c]?  Round your answer to two digits after the decimal and include a negative sign if you find negative savings (dissaving).

An economy has a potential GDP of $8 trillion and actual GDP of $9 trillion.  Choose all of the following actions that fiscal policy makers can take to help the situation,

Suppose energy prices increase and investment spending increases.  What happens in the AD/AS model from class?

Suppose an economy has a marginal propensity to consume of [m] along with $[a] consumption taking place when disposable income is $[b].  What would disposable income be if you observe a consumption level of $[x]?  Round your answer to two digits after the decimal.