Which of the Following Agencies Is Responsible for Consumer Safety

question 49

Multiple Choice

Which of the following agencies is responsible for consumer safety by informing consumers about hazards associated with products and working with industry to set product standards?

• A)Consumer Ombudsman's Office
• B)Consumer Protection Agency
• C)Consumer Product Safety Commission
• D)Bureau of Consumer and Family Rights

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Definitions:

Moral Hazard

Moral hazard occurs when one party in an agreement can take risks because the negative consequences of their actions will be borne by another party.

Expected Value

The anticipated value of a variable, calculated as the sum of all possible values each multiplied by the probability of its occurrence.

Health Care Costs

Refers to the expenses associated with medical services, including prevention, treatment, rehabilitation, and health maintenance.

Buying A Warranty

The act of purchasing a guarantee, typically from a manufacturer, that a product will be repaired or replaced if it fails within a certain period of time.