One of the Primary Purposes of the Federal Consumer Credit

question 3

Multiple Choice

One of the primary purposes of the federal Consumer Credit Protection Act is to

• A) require creditors to specify how finance charges are computed.
• B) grant certain rights to credit applicants regarding credit reports.
• C) inform consumers about all forms of credit available to them.
• D) specify what information a customer's employer can release about him/her.

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Definitions:

Equilibrium Wage

The wage rate at which the supply of workers is equal to the demand for workers in the labor market.

Surplus

The amount of an asset or resource that exceeds the portion that is utilized.

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or the community.

Compensating Differentials

The variation in wage rates paid to different workers, mainly due to the non-monetary advantages or disadvantages of specific jobs.