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
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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
The unanticipated inflation of the last several decades benefited largely
A. elderly people whose major source of income comes from private pension plans
B. lending institutions, especially savings and loans
C. homeowners with fixed mortgage rates
D. taxpayers
E. all of the above
If inflation were always perfectly anticipated and contracts were written in real terms, then
A. there would only be a transfer of wealth from debtors to creditors
B. there would only be a transfer of wealth from creditors to debtors
C. there would only be a transfer of wealth from the poor to the rich
D. there would only be a transfer of wealth from households to firms
E. currency holders would have a negative rate of return
If wages and prices were fully indexed,
A. there would be less inflation following an adverse supply shock
B. inflation could always be perfectly anticipated
C. inflation arising from money expansion could be prevented
D. the economy would have difficulty adjusting to supply shocks since real wages could not adjust easily
E. politicians would be more likely to fight inflation vigorously
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