After accounting for taxes and various welfare programs, economist Timothy Smeeding estimates that the average European country's anti-poverty programs reduce their poverty by 60% while
A. U.S. anti-poverty programs reduce poverty by more than 83%.
B. U.S. anti-poverty programs actually increase poverty by 6%.
C. U.S. anti-poverty programs have virtually eliminated poverty among sociologists.
D. U.S. anti-poverty programs reduce poverty by only 26%.
Answer: D
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Which of the following statements would be true of an economy that can be characterized as being to the left of the IS curve?
A) There is an excess demand for commodities at the existing interest rate. B) There will be a tendency for the level of output to decrease. C) There is an excess supply of commodities at the existing interest rate. D) There will be a tendency for interest rates to fall.
Why might equipment costs be short-run costs in one business but long-run costs in another?
a. The size and complexity of a business contributes to the nature of its capital costs. b. Companies in business for a long time have established credit with equipment vendors. c. Some equipment is poorly made and does not last through longer production runs. d. Equipment is a variable input that is not affected by output or length of production.