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:

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Poverty

A condition where individuals or communities lack the financial resources and essentials for a minimum standard of living.

Exchange

The act of trading goods, services, or currencies among parties.

Opportunity Cost

Forfeiting the immediately lesser choice has a cost attached when decisions are being made.