Question

****ECONOMICS****Which situation is an example of a person making use of credit?

A. A mechanic borrows money from a bank to buy a new set of
expensive tools.

B. A farmer changes the type of crops she grows to make a greater
profit.

C. An architect puts his weekly paychecks into a savings account at
a local bank.

D. A college student saves money in order to buy a cheap used car.

Answer 1

Answer:

A.

Explanation:

Using credit is borrowing.

Answer 2

The situation that represents the example of using credit is borrowing some money for purchasing expensive tools.

The following information does not relate to the usage of credit:

• When the types of crops vary for the highest profit.
• When the architect puts the weekly paychecks at the local bank.
• And, when the college student saved the money for purchasing the cheap and used car.

Based on the above information we can conclude that the situation that represents the example of using credit is borrowing some money for purchasing expensive tools.

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