In 2017, the Poverty Line for a Family of Four

question 166

Multiple Choice

In 2017, the poverty line for a family of four was approximately

• A)$15,000
• B)$25,000.
• C)$35,000.
• D)$35,000

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Definitions:

Scarcity

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

Positive Statements

Factual statements that can be tested and validated, describing the world as it is rather than how it should be, typically used in economic analysis.

Value Judgments

Assessments or opinions made based on a set of criteria or moral standards rather than factual evidence alone.

Marginal Costs

The increase or decrease in the total costs incurred by producing one additional unit of a product or service.