Workers are generally in a better position to protect themselves from inflation in comparison to retired persons because workers' incomes
a. are more likely to be fixed.
b. are more likely to be variable.
c. always rise during inflation.
d. are guaranteed by the federal government.
b
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A unanimity rule for collective decision making has the disadvantage of _____
a. accepting too many inefficient outcomes b. high decision-making costs c. not clearly being a Pareto improvement d. increasing external costs
Daniel enjoys both soda and pizza, allocating his purchases across these two goods so that his utility is maximized. If Daniel receives one-third as much utility from the last can of soda as from the last slice of pizza, we can say that:
a. the price of pizza is one-third that of soda. b. the price of pizza is equal to that of soda c. the price of pizza is twice that of soda. d. the price of pizza is three times that of soda.