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https://bb-montgomerycollege.blackboard.co ssme silaunch.jsp?course ·.. QUESTION 9 The key determinant of the standard of living in a country is 0 the amount of goods and services produced from each hour of a worker\'s time. O the total amount of goods and services produced within the country the natural resources owned by the country. O its growth rate of GDP. QUESTION 10 Which of the following individuals would be harmed the most by an unanticipated change in the rate of inflation? O People who have cost-of-living adjustments built into their incomes. O Bankers who lend money at fixed interest rates. O People who borrowed money at lower interest rates. O People whose nominal incomes are rising faster than inflation.

Solution

1) The key determinant of the standard of living in a country is:

Solution: amount of goods and services produced for each hour of a worker’s time

Explanation: The key determinant of the standard of living in a country is the amount of goods and services produced for each hour of a worker’s time because the more availability of goods and services for consumer to buy and the monetary capacity to acquire them will reflect the standard of living.

2) Which of the following individuals would be harmed the most by an unanticipated change in the rate of inflation?

Solution: Bankers who lend money at fixed interest rate

Explanation: Bankers who lend money at fixed interest rate because the banker\'s income would not increase to offset the negative effects of the inflation