The World Bank defines severe poverty as
A. An income level that does not allow an individual to buy basic necessities.
B. An extreme lack of food.
C. An income level of less than $1.25 per person per day.
D. An income level of less than $3.10 per person per day.
Answer: D
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Indicate whether the statement is true or false
Lorna loves sweaters! She has drawers filled with them, and continues to buy them. But she's sort of strange in this one respect: she buys more when price rises. It is strange because her behavior violates the law of
a. the ratio of marginal utility to price b. the ratio of price to marginal utility c. demand d. diminishing marginal utility e. increasing marginal utility
When economic profits are zero, accounting profits are most likely:
A. zero. B. negative. C. positive. D. All of these are likely.
In the text, economics is defined as the science of
a. money and business. b. choices. c. scarcity. d. price. e. individuals' actions.