If inflation is much higher than originally anticipated, _____ are better off and _____ are worse off
a. lenders who extended loans at fixed interest rates; people who borrowed at fixed interest rates
b. people who borrowed at fixed interest rates; banks that extended loans at fixed interest rates
c. retired people living on a fixed income; people who had borrowed fixed interest rate loans
d. people who deposited their savings at fixed interest rates; banks that accepted deposits at fixed interest rates
e. oil refiners who signed labor contracts agreeing to pay their workers the cost-of-living wage; workers who receive that cost-of-living wage
b
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The number of dollars that the commercial banking system can add to the money supply for each dollar of new reserves created by the Fed
A) cannot legally be greater than 8 nor less than 2. B) is governed largely by reserve requirements and the form in which the public chooses to hold money. C) is less than one because a portion of new reserves must be retained in bank vaults or on deposit with the Fed. D) would increase if the public decided to transfer the amounts currently in commercial bank savings accounts into checking accounts.
The table above shows the demand and total cost schedule for a monopolist hotel. What is the marginal revenue from renting out the fifth room each night?
A) $111 B) $141 C) $151 D) $161
One commonly used test in checking for the presence of autocorrelation when working with time series data is the ____
a. F-test b. Durbin-Watson test c. t-test d. z-test e. none of the above
Money is used as a unit of account. This means
a. money cannot store value for use in the future. b. money is used to measure the exchange value and costs of goods, services, assets and resources. c. money has little or no intrinsic value. d. money is dependent on the quantity of gold held by the Federal Reserve.