The Study of Economics Exists Because

question 249

Multiple Choice

The study of economics exists because:

• A)government interferes with the efficient allocation of scarce resources.
• B)resources are scarce in relation to human material wants.
• C)the market system is an obstacle to the efficient use of plentiful resources to satisfy constrained wants.
• D)resources are overly abundant as compared to wants; thus, an allocation problem exists.

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Definitions:

Magnuson-Moss Act

A federal law enacted to protect consumers from deceptive warranty practices, improving the enforceability of warranties on consumer products.

Injunctive Relief

A court order requiring a party to do or to refrain from doing specific acts.

Equal Credit Opportunity

A law that prohibits lenders from discriminating against applicants based on race, color, religion, national origin, sex, marital status, age, or because all or part of an applicant's income derives from any public assistance program.

Credit Discrimination

The practice of denying or limiting financial services to individuals based on race, color, religion, national origin, sex, marital status, age, or because they get public assistance.