The Minimum Food Budget Used to Determine the Poverty Line

question 84

Multiple Choice

The minimum food budget used to determine the poverty line was determined in the:

• A) 1960s but has been recalculated every decade to account for rising standards of living.
• B) 1960s and is not recalculated to account for rising standards of living.
• C) 1930s but has been recalculated every decade to account for rising standards of living.
• D) 1930s and is not recalculated to account for rising standards of living.

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Definitions:

Technological Efficiency

A state of production where a business cannot produce more of one good without lowering the production level of another good, given current technology.

Import Protection

Measures by a government to restrict foreign imports to protect domestic industries.

Import Quotas

Restrictions set by a country on the amount or volume of goods that can be imported into the country over a set period of time.

Consumer Surplus

The discrepancy between what consumers are prepared to spend on a good or service and what they end up paying.