The Fair Credit Reporting Act

question 21

Multiple Choice

The Fair Credit Reporting Act

• A) gives consumers the right to request a free copy of their credit report every year.
• B) ensures that information about criminal convictions does not haunt a consumer's credit report forever.
• C) is designed to promote the accuracy of credit reports.
• D) makes it possible for a consumer to declare bankruptcy without harming his or her credit rating.
• E) All of the above

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Definitions:

Marginal Cost

The financial outlay for making one more unit of a product or service.

Pollution Abatement

Measures and activities undertaken to reduce, control, or eliminate pollution from various sources in order to protect the environment.

Marginal Utility

The further gratification or value experienced by an individual upon consuming an extra unit of a particular good or service.

Supply-Side Market Failures

Situations where the supply side of a market does not allocate resources efficiently, often due to externalities or public goods problems.