Which of the Following Contributed Most to the Large Increases

question 71

Multiple Choice

Which of the following contributed most to the large increases in poverty since 1960?​

• A)The failure of the Social Security system​
• B)Federal government budget deficits
• C)An increase in the number of retirees
• D)An increase in poverty rates among households headed by African Americans
• E)An increase in the number of households headed by females

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Definitions:

Total Surplus

The combined total of consumer and producer surplus, indicating the overall net gain to society from producing and consuming goods and services.

Producer Surplus

The difference between what producers are willing to sell a product for and the price they actually receive.

Equilibrium Price

The selling price where the quantity of goods on offer is equal to the quantity consumers want to buy.

Consumer Surplus

The variance between the sum consumers are willing to shell out for a good or service and the sum they actually shell out.