If the inflation rate in an economy is higher than expected, which of the following groups in the society would be most likely to gain?
a. Borrowers
b. Lenders
c. Persons holding large amounts of money
d. Persons on fixed incomes
e. Workers under contract without a cost of living adjustment
a
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Refer to Figure 11-6. In the figure above which letter represents the average total cost curve?
A) A B) B C) C D) D
The Friedman natural rate theory holds that there is an inverse relationship between inflation and unemployment in the long run, but not in the short run
Indicate whether the statement is true or false
Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom's budget constraint is AC. At which point does Tom consume only hot dogs?
A. A. B. B. C. E. D. D.
If taxes are a lump sum amount, then the AE function is
A. vertical. B. downward sloping. C. flatter than if taxes are a function of income. D. steeper than if taxes are a function of income.