The main difference between sales finance and consumer finance is:
A. the size of the purchase involved.
B. one deals with equipment leasing and the other does not.
C. the type of borrower.
D. the length of time until the loan has to be repaid.
Answer: A
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Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Nigel's opportunity cost of producing one bandana is
A) 1/4 of a hair pin. B) 2/5 of a hair pin. C) 2.5 hair pins. D) 4 hair pins.
Which of the following is NOT illustrated by a production possibility curve?
a. scarcity b. opportunity cost c. necessity for choice d. price
The reservation price of good X is
A. the price at which one would be indifferent between good X and simply keeping the money. B. the cost of producing good X. C. the market price for a good. D. any price above what you would be willing to pay for the good.
When workers earn below-subsistence wages in a free market economy, some workers will starve. As a result, the supply of labor curve will shift:
A. rightward, causing the wage to rise. B. leftward, causing the wage to fall further. C. leftward, causing the wage to rise. D. rightward, causing the wage to fall further.