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QUESTION:
Suppose that, because of inflation, people in Lebanon economize on currency and go to the bank each day to withdraw their daily currency needs. This is an example of _______.
a. costs due to inflation-induced relative price variability, which misallocates resources
b. costs due to inflation-induced tax distortions
c. costs due to confusion and inconvenience
d. menu costs
e. shoeleather costs
ANSWER:
e. shoeleather costs
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