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Chapter 15: Q. 14 (page 377)

How is the poverty rate calculated?

Short Answer

Expert verified

A country's poverty rate is estimated as the percentage of its people living below the poverty line set by the government.

Step by step solution

01

Concept Introduction

Poverty refers to a situation in which a portion of a country's population lives below the 'Poverty Line,' which is the minimum level of income required to maintain the country's basic standard of living.

02

Explanation

The amount of money needed to meet basic necessities is determined at a given level. The poverty line is the income threshold at which a person is considered poor. The ratio of the people below this line to the total population is used to calculate a country's poverty rate.

Mathematically it is given as:

Povertyrate=PeoplelivingbelowthepovertylineTotalpopulation脳100

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Most popular questions from this chapter

Many critics of government programs to help low-

income individuals argue that these programs create a poverty trap. Explain how programs such as TANF, EITC, SNAP, and Medicaid will affect low-income and whether or not you think these programs will benefit families and children.

We have discovered that the welfare system discourages recipients from working because the more income they earn, the less welfare benefits they receive. How does the earned income tax credit attempt to loosen the poverty trap?

Redistribution of income occurs through the federal income tax and government antipoverty programs. Explain whether or not this level of redistribution is appropriate and whether more redistribution should occur.

How does the TANF attempt to loosen the poverty trap?

What are the main reasons economists give for the increase in inequality of incomes?
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