Who is most likely to be worried about high inflation?
(A) A retired couple on a fixed income
(B) A shopkeeper
(C) A doctor with a suburban practice
(D) A factory worker
Ans: (A) A retired couple on a fixed income
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The savings rate designates:
A) the difference between household consumption and savings. B) the difference between government revenue and government expenditure. C) the rate of return households earn on their savings. D) the fraction of income that households save.
The reason why the Industrial Revolution originated in Britain can be partly attributed to its:
A) command economy. B) well-developed market system. C) opposition to creative destruction. D) extractive institutions.
Ida May Fuller was the first person to:
A. receive Social Security payments for over 20 years. B. petition Congress for indexing Social Security payments. C. receive a Social Security check. D. have her Social Security check adjusted for inflation.
Adding the assumption of pure competition and complete flexibility of all prices and wages to the rational expectations hypothesis yields a theory that provides support for
A. discretionary policy making. B. passive policy making. C. irrelevant policy making. D. active policy making.