Which of the following most closely defines the concept of poverty?
a. Poverty means that a person is morally bankrupt and thus is unworthy of social assistance.
b. Poverty is a relative term describing the financial insolvency of a person.
c. Poverty is a relative term and is based on the level of unemployment in the economy.
d. Poverty is a relative term and is based on income considerably below the average in society.
d
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Real GDP is the value of final goods and services produced in a year
A) expressed in the prices of that same year. B) during a recession. C) minus depreciation. D) expressed in the prices of a base year. E) minus the value of all the intermediate goods produced.
According to the availability heuristic, the more easily we can recall examples of an event:
A. the more we like the event. B. the less we like the event. C. the more likely we judge the event to be. D. the less likely we judge the event to be.
The nonprofit or not-for-profit sector consists of organizations that
A) intend to earn a profit. B) are always inefficient. C) are primarily concerned with the welfare of their own employees. D) typically pursue social or public interest objectives.
Related to the Economics in Practice on page 318: Producers of Honest Tea stop adding sugar to their tea when the marginal utility to consumers of doing so is
A. negative. B. positive. C. zero. D. Indeterminate from the given information.