If inflation is much higher than originally anticipated, _____ are better off and _____ are worse off
a. lenders who extended loans at fixed interest rates; people who borrowed at fixed interest rates
b. people who borrowed at fixed interest rates; banks that extended loans at fixed interest rates
c. retired people living on a fixed income; people who had borrowed fixed interest rate loans
d. people who deposited their savings at fixed interest rates; banks that accepted deposits at fixed interest rates
e. oil refiners who signed labor contracts agreeing to pay their workers the cost-of-living wage; workers who receive that cost-of-living wage
b
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Refer to Table 1-3. Using marginal analysis, by how many hours should Santiago extend his store's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a pound of beef in France is
A) 2 gallons of wine. B) 3 gallons of wine. C) 0.5 gallons of wine. D) 0.33 gallons of wine.