A national electronic-money system would operate as debit-card system. Each individual's "money" would be held in his money-system account. A transaction would effect an instant transfer of "money" from his account to that of another account holder.
The principal differences between a national electronic-money system and commercial bank-card systems would be: The money system would be federally operated; payment would constitute "legal tender"; system-account holders would be able to receive as well as pay out funds by use of their accounts; and funds would be transferable between private-account holders as well as between merchants and private-account holders.
Only cash would be supplanted by electronic money. The use of checks, drafts, money orders, traveler's checks, cashier's checks, as well as letters of credit, acceptances, and other financial instruments would remain in regular use. Credit card and automatic-teller-machine systems (ATMs) would not necessarily change, although you could no longer obtain cash at ATMs.
84. To abandon the use of cash, according to the author, can in many ways help people
A. avoid many problems that upset the society.
B. get rid of petty theft and property robbery
C. remove all the trouble that bewilders them.
D. get a better living environment
85. Electronic "money" refers to
A. money that denies direct transactions.
B. the bank paper and coins.
C. money issued by the electronic industry.
D. money that is hard to obtain.
86. "Hidden labor" in this passage refers to labor that is paid in
A. electronic money.
B. money that is hard to count.
C. after-tax money.
D. money that is untaxed.
87. Which of the following pairs of terms is identical in meaning?
A. electronic money and coin
B. coin and paper money
C. electronic money and funds-transfer
D. physical money and electronic money
88. According to the author, we must change
A. the forms of the money in order to catch thieves and robbers.
B. the nature of money in order to root out the cause of evils.
C. the availability of money so that evils can be stopped.
D. the use of money so that income-tax can be reduced.
89. The greatest disadvantage of using cash is that it
A. encourages people to steal.
B. makes money readily available for people in need of it.
C. enables people to engage in many kinds of illegal activities.
D. discourages people from paying tax.
90. Which of the following statements is NOT true?
A. When the electronic money is used, the state will be able to collect more tax.
B. All monetary systems should aim at making cash unobtainable.
C. When cash is unobtainable, the rate
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