If inflation is much higher than originally anticipated, ________ are made better off and ________ are made worse off
a. banks that had made fixed interest rate loans; people that had borrowed fixed interest rate loans.
b. people that had borrowed fixed interest rate loans; banks that had made fixed interest rate loans.
c. retired people living on a fixed income; people that had borrowed fixed interest rate loans.
d. people that had deposited their savings at fixed interest; banks that had taken deposits at fixed interest.
b
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If an economy's population grows at 3 percent and real GDP grows at 2 percent, then:
a. per capita real GDP is declining. b. the economy's standard of living is increasing. c. per capita real GDP is negative. d. per capita real GDP is growing. e. the economy is experiencing unemployment.
In the textbook, economics is defined as the science of
A) money and business. B) choices. C) scarcity. D) price. E) individuals' actions.