Are credit cards or debit cards money? Explain your answer
What will be an ideal response?
Neither credit cards nor debit cards are money. Credit cards are a type of ID card that, when presented, allow the owner to get an immediate loan. The loan is not money; indeed, it must be repaid using money. A debit card allows the customer to pay immediately for his or her purchase by transferring money from the customer's checking account to the seller's account. Debit cards are similar to checks insofar as they are essentially instructions to move money from one person to another. The funds transferred are money, the debit card is not money.
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Refer to the figure above. What is the surplus enjoyed by the firm when it is the sole supplier of the medicine?
A) $30 B) $60 C) $90 D) $180
Related to the Economics in Practice on page 3: According to the Economics in Practice, due to the opportunity cost differential, one would expect ________ children at school when the rains have been plentiful in rural India, and ________ children at school when rural India is suffering from a drought.
A. fewer; more B. no; all C. the same number of; the same number of D. more; fewer