In the United States, there are a number of programs that provide goods and services, such as food, medical care, and housing, to the poor. How could income standards be changed, in light of these programs, to better reflect absolute poverty?
a. The income standards should not change because these programs provide goods and services, not money.
b. The income standards should be increased, since
it costs money to provide these goods and services.
c. The income standards should be increased, because these programs will affect the relative measure of poverty.
d. The income standards should be decreased, since program recipients require less income to meet a minimum standard of living.
d
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Refer to Table 10.1. Equilibrium real GDP for this economy is equal to
A) $5.75 billion. B) $12 billion. C) $23 billion. D) $46 billion.
What must be true in a perfectly competitive equilibrium?
a. the marginal product of labor is equal to the real wage for every unit of labor. b. the marginal product of labor is equal to the money wage for the last unit of labor. c. the marginal product of labor can be less than the real wage for some units of labor. d. the marginal product of labor can be greater than the price level for some units of labor. e. the marginal product of labor only has to be equal to the real wage for the last unit of labor.