When poverty is defined by an absolute real income level, what will happen to the poverty rate if income per capita in a country continues to grow?
A) The poverty rate will increase forever.
B) The poverty rate will eventually be zero.
C) The poverty rate will increase and then decrease.
D) The poverty rate will never change.
Answer: B
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Scatterbrain Samantha often forgets to lock her house. This has caused the probability of a burglary to be 30%. If her house gets broken into, she faces a property loss of $10,000, otherwise she gets to keep her $100,000 . If Samantha is offered an insurance policy for her house to protect her from loss at $3,000, what is her expected wealth?
a. $80,000 b. $87,000 c. $97,000 d. $99,000
The major U.S. social insurance program is:
a. Medicare. b. Unemployment insurance. c. Social Security. d. Supplemental Security income.
Expenditures, as a percentage of GDP for the United States, are not very different than those of other industrialized nations.
A. True B. False C. Uncertain
When the supply curve of a resource is vertical, then the return to the resource owner is
A) zero. B) partly economic rent and partly opportunity costs. C) partly economic rent and partly profits. D) pure economic rent.