The Four Basic Rights Outlined in the Consumer Bill of Rights

question 178

Multiple Choice

The four basic rights outlined in the consumer bill of rights include the right to safety, the right to be heard, the right to

• A)inform, and the right to be chosen.
• B)consumer education, and the right to honesty.
• C)choose, and the right to be informed.
• D)redress, and the right to choose.
• E)honesty, and the right to redress.

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Definitions:

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.

Absolute Advantage

Refers to the capability of an entity to produce a good or service more efficiently than its competitors using the same amount of resources.

Opportunity Cost

The cost of missing out on the next best alternative when making a decision.

Leisure Time

Time spent not working and free from domestic or professional duties, allowing for rest, recreation, or personal activities.