Paula Sanford Has Filed a Voluntary Petition in Bankruptcy

question 11

Multiple Choice

Paula Sanford has filed a voluntary petition in bankruptcy. Paula has a job but admits that she is in over her head on credit card debt. The bankruptcy court:

• A)can allow Paula to declare bankruptcy because she has debts.
• B)can allow Paula to declare bankruptcy but Paula may have to go into a Chapter 13 debt adjustment plan.
• C)has no remedies for consumers with only credit card debt.
• D)None of the above

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Definitions:

Goods

Goods are tangible items that satisfy human wants or needs, which can be transferred from one person to another and include consumer products, commodities, and durable goods.

Indifference Schedule

A graphical representation in economics that shows combinations of goods among which a consumer is indifferent.

Unit of Y

A hypothetical unit used in economic models to represent output or goods produced.

Fourth Unit

Referring to a specific, individual measure or item in a sequence, often used to highlight a particular point in quantitative analysis.