Suppose that a borrower and a lender agree on the nominal interest rate to be paid on a loan. Then inflation turns out to be lower than they both expected.

(1) True or False: The real interest rate on this loan is lower than expected.
The lender (2) gains/loses from this unexpected lower inflation, and the borrower (3) gains/loses under these circumstances.
Inflation during the 1970s was much higher than most people had expected when the decade began.
Homeowners who obtained fixed-rate mortgages during the 1960s (4) were harmed by/benefited from the unexpected higher inflation (with regard to their mortgages), and the banks that made the mortgage loans (5) were harmed/benfited?

Select the correct answer. which is a benefit of planning for your future career? a.being less prepared after high school. b.having higher tuition in college. c.earning college credits in high school. d.ruining your chances of having a successful career.

Reliability and validity reliability and validity are two important considerations that must be made with any type of data collection. reliability refers to the ability to consistently produce a given result. in the context of psychological research, this would mean that any instruments or tools used to collect data do so in consistent, reproducible ways. unfortunately, being consistent in measurement does not necessarily mean that you have measured something correctly. to illustrate this concept, consider a kitchen scale that would be used to measure the weight of cereal that you eat in the morning. if the scale is not properly calibrated, it may consistently under- or overestimate the amount of cereal that’s being measured. while the scale is highly reliable in producing consistent results (e.g., the same amount of cereal poured onto the scale produces the same reading each time), those results are incorrect. this is where validity comes into play. validity refers to the extent to which a given instrument or tool accurately measures what it’s supposed to measure. while any valid measure is by necessity reliable, the reverse is not necessarily true. researchers strive to use instruments that are both highly reliable and valid.

Because the demand for wheat tends to be inelastic. true or false