Statistics on families below the poverty line may be overstated because:
a. the poor are primarily children who soon will move out of poverty.
b. poverty in the United States is rich compared to poverty in other nations.
c. the income levels used to measure poverty do not include in-kind transfers.
d. unemployment compensation is a program closed to the poor.
c
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If the income elasticity of demand for a service is 0.6, then a 5 percent increase in income will generate a __________ in quantity demanded
a. 3 percent decrease b. 3 percent increase c. 8.33 percent decrease d. 8.33 percent increase e. 0.12 percent decrease
Briefly and concisely define the following terms and explain their importance in the study of economics
a. excess capacity theorem b. price leadership c. kinked demand curve d. perfectly contestable market