Of the Following Groups, Which Had the Highest Incidence of Poverty

question 145

Multiple Choice

Of the following groups, which had the highest incidence of poverty in 2017?

• A)African Americans
• B)Hispanics
• C)female householders
• D)persons 65 or older

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Definitions:

Theory of Consumer Choice

An economic framework describing how consumers make decisions to allocate their resources optimally among various goods and services.

Indifference Curve

A graph representing combinations of goods among which a consumer is indifferent, showing trade-offs between two goods.

Budget Line

A graphical representation of all possible combinations of two goods that can be purchased with a given budget and prices.

Substitution Effect

The substitution effect describes the change in consumption patterns due to a change in relative prices, leading consumers to substitute a product for a cheaper alternative.