Suppose that the United States unexpectedly decided to pay off its debt by printing new money. Which of the following would happen? ()
A. People who held money would feel poorer.
B. Prices would rise.
C. People who had lent money at a fixed interest rate would feel poorer.
D. All of the above are correct.
Arnold puts money into an account. One year later he sees that he has 5 percent more dollars and that his money will buy 6 percent more goods. ()
A. The nominal interest rate was 11 percent and the inflation rate was 5 percent.
B. The nominal interest rate was 6 percent and the inflation rate was 5 percent.
C. The nominal interest rate was 5 percent and the inflation rate was -1 percent.
D. None of the above is correct.
In 1898, prospectors on the Klondike River discovered gold. This discovery caused an unexpected price level ()
A. decrease that benefited creditors at the expense of debtors.
B. decrease that benefited debtors at the expense of creditors.
C. increase that benefited creditors at the expense of debtors.
D. increase that benefited debtors at the expense of creditors.
You put money in an account that earns a 5 percent nominal interest rate. The inflation rate is 3 percent, and your marginal tax rate on the bank account is 20 percent. What is your after-tax real rate of interest? ()
A. 3.4 percent
B. 1.6 percent
C. 1 percent
D. None of the above is correct.
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