How is the official poverty line determined in the United States? What alternative method of measuring poverty has been suggested? Explain
What will be an ideal response?
The official poverty line is determined by taking three times the cost of the Department of Agriculture's minimum food budget. One alternative way to measure poverty is to set the poverty line at some percentage of the median income level.
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The figure above shows a production possibilities frontier. In the figure, when the economy moves from point D to point C, the opportunity cost of producing one more DVD ________, and when it moves from point C to D, the opportunity cost of producing
one more cell phone ________. A) increases; increases B) increases; decreases C) decreases; decreases D) decreases; increases E) increases; remains the same
Time lags occur when which of the following questions is asked?
A) Where is the economy now? B) Where is the economy going? C) How long will it take for a correct policy to be implemented? D) All of the above. E) None of the above.