What is the difference between the poverty line and the poverty rate?
What will be an ideal response?
The poverty line is the level of annual income equal to three times the amount necessary to purchase the minimal quantity of food required for adequate nutrition. The poverty rate is the percentage of the population that fall below the poverty line.
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Suppose that the government is trying to decide between allocating its resources to build more dams or to build more freeways
In terms of forgone dams, as more freeways are constructed, the marginal benefit of additional freeways ________ and the marginal cost of additional freeways ________. A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Give an example that shows why price index has to be used to accurately calculate GDP statistics. Avoid using examples given in the text.
What will be an ideal response?