Relative poverty refers to
A) how a family's income compares to the incomes of those around them.
B) poverty levels at a stated income cutoff.
C) the number of poor in one state relative to another.
D) none of the above.
Answer: A
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A merger of firms with a supplier is a:
a. vertical merger. b. conglomerate merger. c. monopoly merger. d. horizontal merger.
If the return on capital is less than the cost of capital
A) economic profits are zero. B) accounting profits are zero. C) then accounting profits minus economic profit are zero. D) economic profits are negative.
The perfect competitor has a perfectly elastic demand curve
A. only in the short run. B. only in the long run. C. in both the short run and the long run. D. in neither the short run nor the long run.
Which factors contributed to a further reduction in the money supply in addition to the withdrawal of currency from banks during the 1930-1933 bank panic?
A. An increase in the required reserve ratio. B. Bank purchases of government bonds to meet liquidity demands. C. A decrease in the required reserve ratio. D. Bank sales of government bonds to meet liquidity demands.