International Data on Poverty and Hunger Indicates That

question 70

Multiple Choice

International data on poverty and hunger indicates that

• A) for many it is possible to live a somewhat healthy life, even on just $1 a day.
• B) there is not enough food in the world to feed the hungry.
• C) surplus food does not get to the truly needy.
• D) rapid population growth is the biggest cause of poverty.

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Definitions:

Lowest Possible Price

the minimum price at which a good or service is offered, considering all factors including cost, demand, and competition.

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in income.

Entire Incomes

The total earnings received by an individual or household from various sources, including wages, salaries, and investments.

Cobb-Douglas Utility

A form of utility function that represents preferences with a particular functional form, often used in economics to model production and utility with inputs or goods raised to constant powers.