When inflation is unexpected, it tends to hurt:
A. people who borrow money from financial institutions.
B. businesses who borrow money from financial institutions.
C. people who save money in financial institutions.
D. people with flexible income.
Answer: C
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Rent seeking is defined as
A) charging higher prices for an apartment. B) the act of obtaining special treatment by the government to create an economic profit. C) charging a price below marginal cost. D) selling a greater quantity than is profitable. E) charging different prices for different units of the good or service.
Under conditions of perfect competition, average fixed cost
a. rises as output increases. b. falls as output increases. c. decreases then rises. d. increases and then falls.
_____ are the primary population group with poverty-level incomes in the USA
a. Single-income households b. Households headed by males c. College graduates d. People who do not have high school education e. Retired individuals
Suppose nominal GDP in 2009 was $100 billion and in 2010 it was $260 billion. The general price index in 2009 was 100 and in 2010 it was 180. Between 2009 and 2010 the real GDP rose by approximately:
a) 160 percent. b) 44 percent. c) 37 percent. d) 80 percent.