When prices rise, the rich benefit at the expense of the poor the poor benefit at the expense of the rich both the rich and poor lose real income the effect in the rich and poor is uncertain
When prices rise, the rich benefit at the expense of the poor the poor benefit at the expense of the rich both the rich and poor lose real income the effect in the rich and poor is uncertain
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
ChapterST1: Government Spending And Taxation
Section: Chapter Questions
Problem 2CQ
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Question
When prices rise,
- the rich benefit at the expense of the poor
- the poor benefit at the expense of the rich
- both the rich and poor lose real income
- the effect in the rich and poor is uncertain
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