71.Jamestookoutafixed-interest-rateloanwhentheCPIwas200.HeexpectedtheCPItoincreaseto206butitactuallyincreasedto204.Therealinterestratehepaidis
a.higherthanhehadexpected,andtherealvalueoftheloanishigherthanhehadexpected.
b.higherthanhehadexpected,andtherealvalueoftheloanislowerthanhehadexpected.
c.lowerthanhehadexpected,andtherealvalueoftheloanishigherthanhehadexpected.
d.lowerthenhehadexpected,andtherealvalueoftheloanislowerthanhehadexpected.
72.Wealthisredistributedfromdebtorstocreditorswheninflationwasexpectedtobe
a.highand it turns outto be high.
b.lowanditturnsouttobelow.
c.lowandit turnsoutto behigh.
d.highandit turnsoutto below.
73.Wealthisredistributedfromcreditorstodebtorswheninflationwasexpectedtobe
a.highand it turns outto be high.
b.lowanditturnsouttobelow.
c.lowandit turnsoutto behigh.
d.highandit turnsoutto below.
74.Wealthisredistributedfromcreditorstodebtorswheninflationis
a.high,whetheritisexpectedornot.
b.low,whetheritisexpectedornot.
c.unexpectedlyhigh.
d.unexpectedlylow.
75.Wealthisredistributedfromdebtorstocreditorswheninflationis
a.high,whetheritisexpectedornot.
b.low,whetheritisexpectedornot.
c.unexpectedlyhigh.
d.unexpectedlylow.
76.Ifinflationishigherthanwhatwasexpected,
a.creditorsreceivealowerrealinterestratethantheyhadanticipated.
b.creditorspayalowerrealinterestratethantheyhadanticipated.
c.debtorsreceiveahigherrealinterestratethantheyhadanticipated.
d.debtorspayahigherrealinterestratethantheyhadanticipated.
77.Duringthelasttaxyearyoulentmoneyatanominalrateof6percent.Actualinflationwas1percent,butpeoplehadbeenexpecting1.5percent.Thisdifferencebetweenactualandexpectedinflation
a.transferredwealthfromtheborrowertoyouandcausedyourafter-taxrealinterestratetobe0.5percentagepointshigherthanwhatyouhadexpected.
b.transferredwealthfromtheborrowertoyouandcausedyourafter-taxrealinterestratetobemorethan0.5percentagepointshigherthanwhatyouhadexpected.
c.transferredwealthfromyoutotheborrowerandcausedyourafter-taxrealinterestratetobe0.5percentagepointslowerthanwhatyouhadexpected.
d.transferredwealthfromyoutotheborrowerandcausedyourafter-taxrealinterestratetobemorethan0.5percentagepointslowerthanwhatyouhadexpected.
78.Duringthelasttaxyearyoulentmoneyatanominalrateof6percent.Actualinflationwas1.5percent,butpeoplehadbeenexpecting1percent.Thisdifferencebetweenactualandexpectedinflation
a.transferredwealthfromtheborrowertoyouandcausedyourafter-taxrealinterestratetobe0.5percentagepointshigherthanwhatyouhadexpected.
b.transferredwealthfromtheborrowertoyouandcausedyourafter-taxrealinterestratetobemorethan0.5percentagepointshigherthanwhatyouhadexpected.
c.transferredwealthfromyoutotheborrowerandcausedyourafter-taxrealinterestratetobe0.5percentagepointslowerthanwhatyouhadexpected.
d.transferredwealthfromyoutotheborrowerandcausedyourafter-taxrealinterestratetobemorethan0.5percentagepointslowerthanwhatyouhadexpected.
79.Iftheeconomyunexpectedlywentfrominflationtodeflation,
a.bothdebtorsandcreditorswouldhavereducedrealwealth.
b.bothdebtorsandcreditorswouldhaveincreasedrealwealth.
c.debtorswouldgainattheexpenseofcreditors.
d.creditorswouldgainattheexpenseofdebtors.
80.Ifinflationislowerthanwhatwasexpected,
a.creditorsreceivealowerrealinterestratethantheyhadanticipated.
b.creditorspayalowerrealinterestratethantheyhadanticipated.
c.debtorsreceiveahigherrealinterestratethantheyhadanticipated.
d.debtorspayahigherrealinterestratethantheyhadanticipated.
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