One major difference between a debit and credit card is:
A. credit cards are money and the debit card is not.
B. debit cards charge late fees.
C. you have to pay interest on your purchases if you use a credit card.
D. you can build a credit history with the credit card but not with the debit card.
Answer: D
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The reservation value of a buyer reflects her ________
A) willingness to pay for a good or service B) trade-off between buying various goods and services C) total utility from a good or service D) total income
During the postwar period, increased real wages for women led to an increase in the labor force participation rate for women. This implies that, for women,
a. the substitution effect of a wage increase is greater than the income effect. b. the substitution effect of a wage increase is less than the income effect. c. the substitution effect of a wage increase equals the income effect. d. wage increases do not have an income effect.
If the price elasticity of demand for canned soup is estimated at -1.62. What happens to sales revenue if the price of canned soup rises?
A) It falls by 162 percent. B) It rises by 1.62 percent. C) It falls. D) It rises.
According to Figure 15.5, the liquidity trap occurs at an interest rate of
A. 8 percent only. B. 2 percent, 4 percent, 6 percent, and 8 percent. C. 2 percent and 4 percent. D. 2 percent only.