How do Economists define Poverty?1. Economist define the concept of poverty as an economic state where an individualor household level of income is below a level of annual income necessary to providea minimum or basic standard of living.2. The poverty rate is directly related to how income is distributed within a society. Percapita income in 2015 and 2016 is estimated at $56,850 and $62,606, respectively.3. A minimum standard of living refers to the ability of an individual to acquire food,clothing and housing at an adequate level to avoid economic distress.4. The U.S. government economists evaluate the cost to individuals and households toacquire food, clothing, and housing to maintain a minimum healthy lifestyle.5. The bench market for the income level necessary to maintain a basic standard ofliving is based on USDA Research that uses a baseline cost estimate associated withmaintaining a healthy diet of 1800 to 2300 calories per day.5:09 / 5:37YouTube QCCWhich category of household expenditures does the U.S. government consider to be a component used in the calculation fordetermining the basic standard of living of an American household?Select one:a. foodb. shelterc. clothingd. all of the aboveCheckAT4124DECétv8.Bo....

A minimum standard of living refers to ability of an individual to acquire food, clothing and…

Which category of household expenditures does the U.S. government consider to be a component used in the calculation for determining the basic standard of living of an American household? Select one: a. food b. shelter c. clothing d. all of the above

Which category of household expenditures does the U.S. government consider to be a component used in the calculation for determining the basic standard of living of an American household? Select one: a. food b. shelter c. clothing d. all of the above

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

How do Economists define Poverty?
1. Economist define the concept of poverty as an economic state where an individual
or household level of income is below a level of annual income necessary to provide
a minimum or basic standard of living.
2. The poverty rate is directly related to how income is distributed within a society. Per
capita income in 2015 and 2016 is estimated at $56,850 and $62,606, respectively.
3. A minimum standard of living refers to the ability of an individual to acquire food,
clothing and housing at an adequate level to avoid economic distress.
4. The U.S. government economists evaluate the cost to individuals and households to
acquire food, clothing, and housing to maintain a minimum healthy lifestyle.
5. The bench market for the income level necessary to maintain a basic standard of
living is based on USDA Research that uses a baseline cost estimate associated with
maintaining a healthy diet of 1800 to 2300 calories per day.
5:09 / 5:37
YouTube Q
CC
Which category of household expenditures does the U.S. government consider to be a component used in the calculation for
determining the basic standard of living of an American household?
Select one:
a. food
b. shelter
c. clothing
d. all of the above
Check
AT
4
124
DEC
étv
8.
Bo
....

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If Change in savings is $2000 and change in income is $4300 Calculate MPS