Applying for a Loan in Five-Person Groups Is an Example

question 92

Multiple Choice

Applying for a loan in five-person groups is an example of:

• A) family and friends lending.
• B) party of five lending.
• C) group responsibility.
• D) trade-off.

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Definitions:

Inflation

The velocity at which the cost of goods and services universally goes up, reducing the buying power.

Elasticity Measures

refer to the quantitative analysis of changes in economic variables in response to changes in other variables, such as price or income.

Income Elasticity

A measure of how the demand for a good changes in response to a change in consumers' income.

Confederate Currency

The currency issued by the Confederate States of America during the American Civil War, now considered a collectible item.