Asked by Zachary Whetstone on Jul 15, 2024
Verified
Inflation is the primary determinant of a country's living standards.
Inflation
The rate at which the cost of goods and services across the board escalates, leading to a fall in the buying power of currency.
Living Standards
The volume of capital, pleasantries, commodities, and indispensable resources available to a defined economic group or territorial area.
- Understand the connection between economic strategies, the distribution of resources, and the well-being of society.
Verified Answer
AS
Agila SrinivasanJul 17, 2024
Final Answer :
False
Explanation :
Inflation is just one of many factors that can affect living standards; others include income levels, employment rates, access to healthcare and education, and economic growth.
Learning Objectives
- Understand the connection between economic strategies, the distribution of resources, and the well-being of society.
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