Select the choices where the decision maker is rationally ignorant. An employer is deciding between two potential temporary employees for a short-term position. Knowing from past experience that it is difficult to predict the quality of a potential employee in advance, the employer flips a coin to decide which employee to hire instead of paying for a background check. After more than 40 years in the same job, Taylor knows it is unneccessary to learn how to use a computer. Tax evasion is very high in a country. The revenue and tax department finds it very profitable to investigate a small percentage of potential tax evaders. The PPACA Act, at 906 pages, was passed before legislators had an opportunity to read it. When hiring a plumber, Donnie always looks up ratings on several online services. The U.S. Constitution is adpoted, finally, in 1790 after the 13th state, Rhode Island, signs it. This is a couple years after the her states. O A rider in a school bond election passes, then becomes a controversy when the local newspaper reports details. O O

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Inflation and Purchasing Power Theory

In economic terms, Inflation refers to the increase in the costs of various commodities which are used in daily lifestyle like food, clothes, transport, etc. over a specific time. It may lead to a fall in the purchasing power of the people and also affects the exchange rate of the currency because of the price increase. As the purchasing power falls the unit of the currency in the economy falls. When the prices of the commodities are decreased, then the purchasing power of the consumers will rise, then it will lead to deflation and changes the currency of the base economy to that of the foreign economy which will lead to change in exchange rates.