Which of the Following Statements Is Incorrect in Relation to the ECOA

question 3

Multiple Choice

Which of the following statements is incorrect in relation to the ECOA?

• A) non-discriminatory firms will attain a competitive advantage
• B) lenders are engaged in little discrimination
• C) the ECOA has had a significant impact on making credit available
• D) the ECOA is a valuable statement about principles of fair lending practices

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Definitions:

New Furniture

Recently manufactured items intended to support various human activities such as seating, eating, and sleeping.

Opportunity Cost

The value of the best alternative forgone where a choice needs to be made between several mutually exclusive alternatives.

Aggregate Income

The total amount of income earned by all individuals or entities within an economy.

World Economy

The global network of economic activities, trade, and production that transcends national borders, involving various economies of the world.