If people can use their smartphone to make payments, will currency disappear? How will the components of M1 change? As people use their smartphones to make payments, currency most likely disappear. Most of M1 will be

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Monetary System
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How to Pay for Everything With Your Smartphone
Many people stopped using cash in the early 2000s because they found debit cards were more convenient. Smartphones are now doing to plastic what cards did
to cash.
Source: USA Today, July 24, 2016
If people can use their smartphone to make payments, will currency disappear? How will the components of M1 change?
As people use their smartphones to make payments, currency
most likely disappear. Most of M1 will be
O A. will not; chequable deposits
B. will not; non-chequable deposits
OC. will; non-chequable deposits
O D. will; checkable deposits
Transcribed Image Text:How to Pay for Everything With Your Smartphone Many people stopped using cash in the early 2000s because they found debit cards were more convenient. Smartphones are now doing to plastic what cards did to cash. Source: USA Today, July 24, 2016 If people can use their smartphone to make payments, will currency disappear? How will the components of M1 change? As people use their smartphones to make payments, currency most likely disappear. Most of M1 will be O A. will not; chequable deposits B. will not; non-chequable deposits OC. will; non-chequable deposits O D. will; checkable deposits
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