Unexpectedly high inflation tends to hurt _______ most.
A. businesses
B. borrowers
C. policy makers
D. lenders
Answer: D
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The relationship between disposable income and consumption expenditure is
A) positive. B) U-shaped. C) negative. D) nonexistent. E) not stable because it depends on whether the economy is in equilibrium or not.
The selling of a product for a price below its cost of production is called
A) operating at a loss. B) unfair competition. C) fair competition. D) dumping.
Perfectly competitive firms are earning economic profits at a market price of $12 and an average total cost of $10. If new firms enter and do not affect the cost for all firms, the market price will ________ until it reaches ________.
A) increase; $16 B) decrease; $10 C) decrease; $11 D) increase; $13
One year before maturity, the price of a bond with a principal amount of $1,000 and a coupon rate of 5 percent paid annually rose to $1,019. The one-year interest rate must be:
A. 5 percent. B. 2 percent. C. 6 percent. D. 3 percent.