The losses from holding currency were highest in the period from
A. 1960-69
B. 1970-79
C. 1980-89
D. 1990-99
E. 2000-09-01 00:00:00
The concern over inflation
A. is not justified since gains and losses from real wealth transfers cancel out over time for the economy as a whole
B. is irrational since high inflation generally means high growth
C. is attributable primarily to increased transfers arising from cost-of-living adjustments
D. stems from the fact that inflation is rarely predictable and those households who hold fixed dollar assets will experience a loss in wealth
E. none of the above
Which of the following statements is FALSE?
A. homeowners with fixed-rate mortgages benefit from unanticipated high inflation
B. the costs of unanticipated inflation can be ignored, since the gains and losses of induced wealth transfers tend to cancel each other out over the economy as a whole
C. Social Security beneficiaries are better protected against unanticipated inflation than workers with long-term contracts
D. at least until 1985, the U.S. government gained from unanticipated inflation at the expense of U.S. taxpayers
E. workers who received the minimum wage greatly suffered from unanticipated inflation
The menu cost of inflation arises since
A. people hold less currency if inflation is positive and thus they take more trips to the bank
B. the central bank eventually has to restrict money supply and this causes an increase in the unemployment rate
C. lenders are less likely to give out loans and this has a negative impact on economic activity
D. resources have to be devoted to marking up prices and changing vending machines and cash registers
E. real wages and real money holdings lose purchasing power
If inflation this year is higher than expected, then
A. borrowers will gain at the expense of lenders
B. lenders will gain at the expense of borrowers
C. both lenders and borrowers will gain and the government will lose
D. both lenders and borrowers will lose
E. the government will lose unless it has implemented an indexed tax system
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