Use the Following Two Columns of Items to Answer the Matching

question 119

Multiple Choice

Use the following two columns of items to answer the matching questions below:
-grace period

• A)time allowed without interest before the payment is due
• B)allows you to make purchases beyond your stated credit limit for a fee
• C)credit card good only with a particular merchant
• D)the maximum amount allowed to charge
• E)a card that allows for purchases to be paid for at a later date
• F)cards that offer extra benefits and are available to persons with high incomes and exceptional credit histories
• G)cash borrowed on a credit card

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Definitions:

Leisure

Free time when one is not working or occupied; time available for ease, relaxation, and activities one enjoys.

Substitution Effect

Changes in what consumers purchase, brought about by alterations in the relative costs of goods, persuading consumers to opt for alternatives over their usual choices.

Income Effect

The correlation between income changes in an economy or for individuals and their effect on the quantity of goods and services demanded.

Opportunity Cost

The value of the next best alternative that is foregone when a decision is made to choose one option over another.