Under the Fair Debt Collection Practices Act, Which of the Following

question 108

Multiple Choice

Under the Fair Debt Collection Practices Act, which of the following information does not have to be provided to the debtor in writing by a debt collector within five days of the initial communication?

• A) the amount of the debt
• B) if the creditor will sue if the debtor refuses to pay
• C) a statement that unless the consumer disputes the validity of the debt within 30 days, it will be assumed valid
• D) the name of the creditor to whom the debt is owed
• E) all of the other choices must be stated

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Definitions:

Sunk Costs

Sunk costs are expenditures that have already been incurred and cannot be recovered, and should not affect future investment decisions or operations.

Opportunity Costs

The forfeit of discarding the next top choice during the decision-making procedure.

Scarce Resources

Resources that are limited in availability and cannot satisfy all the various uses for them, leading to competition and the need for allocation.

Production Possibility Frontier

The Production Possibility Frontier (PPF) is a graphical representation that shows the maximum quantity of two goods or services that a society can produce, given fixed resources and technology, highlighting the trade-offs in production choices.