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:

Patent

A legal authorization granted to an inventor to exclusively manufacture, use, or sell an invention for a certain number of years.

Ordinary Annuity

A series of equal payments made at regular intervals, with interest compounded at the end of each period.

Nominal Interest

The stated or advertised rate of interest on a loan or investment, not accounting for inflation or compounding effects.

Effective Rate

The actual interest rate on an investment or loan, taking into account the effect of compounding over a given period.