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
Question 2
Discrimination lowers the average wage of members of one group of workers in spite of laws that require equal pay for all workers.
a. True
b. False
Indicate whether the statement is true or false
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How to create a price index to calculate inflation for a basket of goods