Which of the Following Was NOT a Reason Cited for Passing

question 40

Multiple Choice

Which of the following was NOT a reason cited for passing the comprehensive changes to bankruptcy law included in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

• A) The increased numbers of bankruptcy filings
• B) Significant losses associated with bankruptcy filings
• C) Making it simper and easier for consumers to file for bankruptcy
• D) Loopholes and incentives that allowed and sometimes encouraged opportunistic personal filings and abuse
• E) The fact that some bankruptcy debtors were able to repay a significant portion of their debt

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Definitions:

Price Decrease

refers to a reduction in the cost of a good or service, which can lead to an increase in demand due to the law of demand, assuming other factors remain constant.

Unit Elastic

A situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Total Revenue

The total amount of money generated by the sale of goods or services before any costs are deducted.

Unit Elastic

A situation where a percentage change in price leads to an equal percentage change in quantity demanded or supplied.