The Term ___________Refers to Material Well-Being That Can Be Measured

question 23

Multiple Choice

The term ___________refers to material well-being that can be measured by the quality of goods and services that may be purchased by the per capita national income.

• A) standard of living
• B) absolute poverty
• C) relative standard
• D) gross national income (GNI)

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Definitions:

Lorenz Curves

A graphical representation used in economics to show the distribution of income or wealth within a population, indicating inequality.

Relative Distribution

A measure of how income or wealth is shared among individuals or groups within a society.

Income

A flow of money to households.

Poverty Rate

The percentage of the population that lives below the national poverty line, indicating the proportion of the population living in poverty.