Shoeleather costs arise when higher inflation rates induce people to:a. spend more time looking for bargains. b. spend less time looking for bargains. c. hold more money. d. hold less money.

d. hold less money.

Explanation:

Shoeleather costs refers to the expenses of time and money incurred as people try to counter the effects of inflation. As the term shoe cost suggests, people will prefer to spend time and money going to the bank rather than holding cash.

During inflation, the prices of goods and services keep on rising. At the same time, the banks offer high-interest rates at inflation. Holding a large amount of cash as its purchasing power will erode quickly. Consumers prefer keeping cash in the bank to earn interest and maintaining the minimum amount for transactions.