How would poverty be affected in the United States if the measure were changed to a more comprehensive one that included the value of in-kind transfers, medical services, and taxes?
What will be an ideal response?
Estimates have shown that poverty measures that are more comprehensive, yield results
about the changing face of poverty in the United States that are dramatically different than the
ones we are currently using.
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Consumers in Beachland consume only two goods, sodas and DVDs. If they spend $10 on sodas and $90 on DVDs a month, how many sodas and DVDs are in their CPI market basket if the price of a soda is $1 and the price of a DVD is $9?
A) 9 sodas and 1 DVD B) 1 soda and 9 DVDs C) 10 sodas and 9 DVDs D) 10 sodas and 10 DVDs E) It is impossible to determine the market basket without information on the quantity of at least one of the two goods consumed.
National income accountants measure the value of final goods and services with
A) market prices. B) fair prices. C) objective values. D) best-guess estimates as to what things are really worth.