Which of the following most closely defines the concept of poverty?
a. Poverty means that a person is morally bankrupt and thus is unworthy of social assistance.
b. Poverty is a relative term describing the financial insolvency of a person.
c. Poverty is a relative term and is based on the level of unemployment in the economy.
d. Poverty is a relative term and is based on income considerably below the average in society.
d
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A biennial budget: a. is more useful than an annual budget as a tool of discretionary fiscal policy
b. is implemented by the federal government, while an annual budget is implemented by state governments. c. would ensure that cabinet members spend more time on administering an approved budget and defending a proposed budget. d. would encourage cabinet members to focus more on running their agencies rather than being involved in budget deliberations. e. would require shorter-term economic forecasts than an annual budget.
Which of the following may lead to diseconomies of scale?
a. Specialization on the basis of comparative advantage b. Lack of coordination among the division heads c. Using larger and more efficient machineries d. Division of labor on the basis of capability e. Specialization of marketing, pricing, and research