Explain whether the following statements are true, false, or uncertain. a. Inflation hurts borrowers and helps lenders,

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Explain whether the following statements are true, false, or uncertain.
a. “Inflation hurts borrowers and helps lenders, because borrowers must pay a higher rate of interest.”
b. “If prices change in a way that leaves the overall price level unchanged, then no one is made better or worse off.”
c. “Inflation does not reduce the purchasing power of most workers.”

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Principles of economics

ISBN: 978-0538453042

6th Edition

Authors: N. Gregory Mankiw

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