Consumption

question 74

Multiple Choice

Consumption:

• A)is the largest component of GDP.
• B)is the value of total goods purchased by consumers.
• C)does not include the price of new homes.
• D)All of these are true.

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Definitions:

Finance Leases

A type of lease where the lessee has use of the asset for most of its useful life and the lease payments are designed to cover the full cost of the asset, along with interest.

Truth In Lending Act

A U.S. federal law designed to promote informed use of consumer credit by requiring disclosures about its terms and cost.

Sales Contract

A legal agreement between a buyer and seller detailing the terms and conditions of a sale of goods or services.

Intent Of The Parties

The actual and mutual intention of all parties involved in a contract or legal agreement, often used to interpret or enforce the agreement.