Credit Card Fraud Is

question 283

Multiple Choice

Credit card fraud is:

• A) the unauthorized use of a credit card to obtain goods, services, or cash
• B) the authorized use of a credit card to obtain goods, services, or cash by a minor
• C) the copying of a genuine item without authorization
• D) using a false ID to obtain a credit card
• E) none of the other choices are correct

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Definitions:

Marginal Utility

The additional satisfaction or utility gained from consuming one more unit of a good or service.

Total Utility

The overall satisfaction or benefit a person receives from consuming a particular quantity of goods or services.

Income Effect

The alteration in a person's or an economy's earnings and its effect on the amount of a product or service they seek to purchase.

Law of Demand

The principle that there is an inverse relationship between the price of a good and the amount of it consumers are willing to buy, all else being equal.