The Part of the Dodd-Frank Act, a Major Financial Reform

question 153

Multiple Choice

The part of the Dodd-Frank Act, a major financial reform bill passed in 2010, that has the largest impact on consumer credit markets is its:

• A) establishment of the Bank Regulation Bureau
• B) establishment of new laws prohibiting credit discrimination based on sexual orientation
• C) establishment of new laws that make it harder for college students to get credit cards
• D) establishment of the Consumer Financial Regulation Bureau
• E) none of the other choices are correct

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Definitions:

Equilibrium Output

The level of output where the quantity of goods or services producers are willing to supply equals the quantity consumers are willing to buy, resulting in market equilibrium.

Competitive Firm

A company that operates in a market where there are many buyers and sellers, and it has little control over the market price.

MC Curve

The graphical representation of how the cost to produce an additional unit of a good changes with the production volume.

Short-Run Supply Curve

A graphical representation showing the quantity of goods a firm is willing and able to supply at different prices over a short period, where at least one input is fixed.