The official definition of poverty is
A) exactly the 10 percent of U.S. residents with the lowest incomes.
B) exactly the 20 percent of U.S. residents with the lowest incomes.
C) exactly the 50 percent of U.S. residents with the lowest incomes.
D) a relative measure.
Answer: D
You might also like to view...
Adoption of a guaranteed annual income with benefits (B) given by B = 20,000 -.5 (earnings) would be expected to reduce work effort by low wage workers because:
a. the income effect would outweigh the substitution effect of the plan. b. the substitution effect would outweigh the income effect of the plan. c. both substitution and income effects would operate to reduce work effort. d. the plan would make working financially unattractive.
Which of the following provides the foundation of the case for free trade?
a. the law of diminishing marginal utility b. the anti-dumping argument c. the industrial diversity argument d. the law of comparative advantage