Which of the Following Would Be Stored Electronically on Microchips

question 85

Multiple Choice

Which of the following would be stored electronically on microchips, magnetic strips, or other computer media and would allow for the elimination of physical currency?

• A) Electronic funds.
• B) Electronic medium.
• C) Digital cash.
• D) Digital resources.
• E) Electronic resources.

Differentiate between federal law and the Uniform Commercial Code in governing transactions.

Understand the requirements for contract modifications under the UCC.

Distinguish between the mirror-image rule and UCC’s stance on contract terms and acceptance.

Identify different types of sales and the concepts of title as outlined by the UCC.

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Definitions:

Marginal Rate of Substitution

The exchange rate between goods that allows a consumer to trade off one product for another without altering their overall happiness.

Convex Preferences

A characteristic of consumer preference whereby a consumer prefers combinations or mixtures of goods over extreme amounts of single goods, displaying a preference for diversification.

Indifference Curve

A graph showing a combination of two goods that give a consumer equal satisfaction and utility, demonstrating the consumer's preference.

Optimal Consumption

The most efficient allocation of resources and consumption choices based on individual preferences, maximizing utility.