Explain the manner in which inflation affects the following sections of society:
(i) wage earners, (ii) borrowers, (iii) savers, and (iv) producers.
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Answer:
wage earners
Explanation:
Wage earners may gain or lose depending upon the speed with which their wages adjust to rising prices. If their unions are strong, they may get their wages linked to the cost of living index. In this way, they may be able to protect themselves from the bad effects of inflation.
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