Jared Is Trying to Buy a New Car

question 83

Multiple Choice

Jared is trying to buy a new car.He finds that he can only get a loan at a very unfavorable interest rate due to the financial trouble he created for himself with a credit card he got while a college student.Jared's poor credit rating is an example of _____ at work.

• A)life-report data
• B)observer-report data
• C)commercial-report data
• D)investment-report data

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Definitions:

Surplus

The situation in which the quantity supplied of a product exceeds the quantity demanded at the current price.

Law of Supply

A fundamental principle of economics that states that, all else equal, an increase in price results in an increase in the quantity supplied, and vice versa.

Law of Demand

States that, all else being equal, as the price of a product decreases, the quantity demanded of the product will increase, and vice versa.

Rent Controls

Government-imposed limits on the amount landlords can charge for renting out a property, intended to make housing more affordable.