The World Bank defines severe poverty as
A. An income level of less than $3.10 per person per day.
B. An income level that does not allow an individual to buy basic necessities.
C. An income level of less than $1.25 per person per day.
D. An extreme lack of food.
Answer: A
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Which of the following sectors in the economy accounted for about 70% of the spending in the U.S. during 2009?
a. The government b. Firms c. The foreign sector d. Investors e. Households
Which of the following is true for firms that produce in markets where there are no barriers to entry?
a. The firms will always make positive economic profits in the long run. b. The firms will always make positive economic profits in the short run. c. The firms will always make zero economic profits in the short run. d. The firms will always make zero economic profits in the long run.
Using the equation of exchange, if the nominal GDP is $8,000 billion and the money supply is $1,600 billion, then
A) the price level is 5.0. B) the price level is 0.2. C) velocity is 5.0. D) velocity is 0.2.
Ceteris paribus, if the subsidies given to corn syrup producers decrease, then we can expect
A. A decrease in the supply of corn syrup. B. A decrease in the demand for corn syrup. C. An increase in the supply of corn syrup. D. An increase in the demand for corn syrup.