The poverty line is
a. established by the federal government.
b. approximately equivalent to three times the cost of providing an adequate diet.
c. an absolute level of income below which a family is deemed to be in poverty.
d. All of the above are correct.
d
You might also like to view...
Which of the following is not cited as a reason for a firm to pursue a group pricing strategy?
A) To minimize its total costs of production. B) To increase its total profit. C) To attract and lock in additional customers. D) To create network externalities.
A subsidy to wheat farmers reduces the price of a bushel of wheat from $2.50 to $2 per bushel. The equilibrium quantity of wheat sold prior to the subsidy was equal to 200,000 bushels. Predict the new equilibrium quantity of wheat after the imposition of the subsidy given that the demand for wheat is known to be unit elastic
a. 100,000 bushels b. 200,000 bushels c. 250,000 bushels d. 400,000 bushels