Statement I: Social Security Payments Help Mostly the Poor

question 171

Multiple Choice

Statement I: Social Security payments help mostly the poor.
Statement II: Poverty may be defined as a relative concept and as an absolute concept.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

---

Definitions:

Profit

The financial gain obtained when the revenue from selling goods or services exceeds the costs involved in their production or provision.

Production Function

A production function is an equation that describes the maximum output of a good or service an economy or firm can produce given the input resources it has available.

Labor

The human effort, whether physical or mental, used in the production of goods and services.

Output

The total amount of goods or services produced by a firm, industry, or economy.