Smart Card Technology

question 105

Multiple Choice

Smart card technology:

• A) Allows debit cards to store a cash balance on a card and electronically transfer some of it to others to pay for items and services
• B) Is not yet available in the United States
• C) Is commonly used by banks to read and process checks
• D) All of the choices are correct.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to buy.

Midpoint Formula

A method used in geometry to find the midpoint or the center point between two points on a line segment.

Absolute Value

The non-negative value of a number regardless of its sign.

Elasticity

a measure of how much the quantity demanded or supplied of a good responds to a change in one of its determinants, such as price.