If We Define Poverty Using Absolute Terms, It Follows That

question 92

Multiple Choice

If we define poverty using absolute terms, it follows that

• A)people are poor if they earn less than a specified income level.
• B)there are no situations in which no one would be considered poor.
• C)poverty exists if the Gini coefficient is small.
• D)there are no situations in which no one would be considered rich.

---

Definitions:

Competitive Price-Searcher Markets

Markets where firms have some power to set prices due to differentiated products but still face competition and must search for competitive pricing strategies.

Purely Competitive Markets

Markets characterized by many buyers and sellers, homogeneous products, and no single participant having market control.

Government Action

Measures or initiatives undertaken by the governmental bodies to address societal, economic, or international issues.

Large Profit

A significantly high net income resulting from the difference between revenue and expenses.