Suppose That the Poverty Line Had Been Set at $60,000

question 155

Multiple Choice

Suppose that the poverty line had been set at $60,000 in 2008.Estimate what the poverty rate would have been in that year.

• A)10%
• B)25%
• C)40%
• D)60%
• E)80%

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price.

Quantity Sold

The total number of units of a product or service that have been purchased in a given period.

Price Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.