Which of the Following CANNOT Be Eliminated in a Growing

question 298

Multiple Choice

Which of the following CANNOT be eliminated in a growing economy such as the U.S. economy?

• A) absolute poverty
• B) relative poverty
• C) both absolute and relative poverty
• D) Neither absolute nor relative poverty can be eliminated.

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Definitions:

Marginal Benefit

This refers to the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service.

Consumer Surplus

Rephrased: The economic benefit or satisfaction gained by consumers when they pay a price lower than what they are ready to pay for a product or service.

iTunes Download

The action of obtaining digital media files, including music and applications, from Apple's iTunes Store.

Marginal Cost

The cost incurred by producing one more unit of a good or service.