This Act Provides a Basic Framework Regarding the Rights, Liabilities

question 38

Multiple Choice

This act provides a basic framework regarding the rights, liabilities, and responsibilities of consumers who use electronic transfer services and of the financial institutions that offer them.

• A) The Safe Checks Act
• B) The Electronic Funds Transfer Act
• C) The Real Estate Settlement Procedures Act
• D) The Consumer Leasing Act

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Definitions:

Income Effect

A change in the quantity demanded of a good or service as a result of a change in real income (purchasing power).

Inferior Good

A type of good for which demand declines as the income of individuals or the economy increases, opposite to normal goods.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute a cheaper good for a more expensive one.

Income Effect

The alteration in a person's or an economy's earnings and the effect this alteration has on the demand for a product or service.