The Fastest-Growing Component of U.S.personal Consumption Is Services

question 36

True/False

The fastest-growing component of U.S.personal consumption is services.

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Definitions:

Equity of Redemption

The right of a debtor to reclaim property that has been used as collateral after the debt obligation has been fully paid.

Hypothecation

The practice of pledging assets as collateral to secure a loan, without transferring ownership of the collateral.

Legal Title

The formal right of ownership of property, recognized and protected by law.

Forecloses

The legal process by which a lender takes possession of a property when the borrower fails to keep up with mortgage payments.