Relative poverty refers to
A) how a family's income compares to the incomes of those around them.
B) poverty levels at a stated income cutoff.
C) the number of poor in one state relative to another.
D) none of the above.
Answer: A
Economics
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The larger the portion of a person's total budget spent on a good, the more inelastic the demand for the good
Indicate whether the statement is true or false
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In the case of a perfectly price-discriminating monopoly, there is no
A) transfer of consumer surplus to the producer. B) deadweight loss. C) short-run economic profit. D) long-run economic profit.
Economics