If the economy unexpectedly went from inflation to deflation,
a. both debtors and creditors would have reduced real wealth.
b. both debtors and creditors would have increased real wealth.
c. debtors would gain at the expense of creditors.
d. creditors would gain at the expense of debtors.
d
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In the economic way of thinking, the identification of wealth with material objects
A) is at the foundation of modern capitalism. B) is good economics but antithetical to religious precepts. C) is usually rejected by socialists. D) must be rejected because it makes no sense.
If the marginal propensity to consume decreases, the marginal propensity to save decreases
a. True b. False Indicate whether the statement is true or false
Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice Per Unit18$22103315441855206If the percentage increase in real GDP from year 3 to year 4 was maintained for an extended period of time, how many years would it take for real GDP to double?
A. 3.5 years. B. 20 years. C. 5 years. D. 1.4 years.
If 40,000 worker-hours produced a total output of $600,000 in an economy, then the labor productivity is:
A. $10/worker-hour B. $15/worker-hour C. $24/worker-hour D. $240/worker-hour