New Applications Are Being Created That Allow People to Pay

question 174

Multiple Choice

New applications are being created that allow people to pay for things using a mobile device like a smart phone. For instance, at some hotels, guests can use smartphones for check-ins and room keys. Passengers can pay for fares by waving a smartphone across a terminal as they board a bus. These payments apps make use of ______________________ technologies.

• A) GPS technology
• B) Location based apps
• C) Geo-location technology
• D) Near-field communications

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Definitions:

Business Cycle

The fluctuations in economic activity that an economy experiences over a period of time, marked by periods of expansion and contraction in GDP.

Fiscal Drag

The negative effect on disposable income and aggregate demand when taxes do not fall in line with inflation, effectively increasing the tax burden.

Classical Economists

Economists who believe in self-regulating markets where competition leads to efficient outcomes without government intervention.

Investment

The act of allocating resources, often financial, into something expecting it to generate income or profit.