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 $62,606, respectively.3. A minimum standard of living refers to the ability of an individual to acquire food,clothing and housing at an adequate level to avoid economic distress.4. The U.S. government economists evaluate the cost to individuals and households toacquire food, clothing, and housing to maintain a minimum healthy lifestyle.5. The bench market for the income level necessary to maintain a basic standard ofliving is based on USDA Research that uses a baseline cost estimate associated withmaintaining a healthy diet of 1800 to 2300 calories per day.* YouTube Q [)5:09 / 5:37CCWhich category of household expenditures does the U.S. government consider to be a component used in the calculation fordetermining the basic standard of living of an American household?Select one:a. foodb. shelterc. clothingd. all of the aboveCheck山T國8.**** Which U.S. government agency developed the quantitive methodology to determine the minimum level of income necessary a U.S.citizen earns to avoid economic stress and avoid being classified as being below the poverty line?Select one:a. the U.S. Department of Commerceb. the U.S. Department of Agriculturec. the U.S. Department of Housing and Urban Developmentd. the U.S. Federal ReserveCheckNext pag3424DECátv吕0000DIIDDF2F3F4F5F6F7F8F9F10F11F12@2$&)2345678+ ||00

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

Which U.S. government agency developed the quantitive methodology to determine the minimum level of income necessary a U.S. citizen earns to avoid economic stress and avoid being classified as being below the poverty line? Select one: O a. the U.S. Department of Commerce b. the U.S. Department of Agriculture c. the U.S. Department of Housing and Urban Development d. the U.S. Federal Reserve

Which U.S. government agency developed the quantitive methodology to determine the minimum level of income necessary a U.S. citizen earns to avoid economic stress and avoid being classified as being below the poverty line? Select one: O a. the U.S. Department of Commerce b. the U.S. Department of Agriculture c. the U.S. Department of Housing and Urban Development d. the U.S. Federal Reserve

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Income Inequality And Poverty

Section: Chapter Questions

Problem 5PA

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