TEST BANK FOR
ECONOMY TODAY
14TH
EDITION
SCHILLER
1. The Minimally Adequate Living Standard For A U.S. Family Of Four Is Known As The
A. Global Poverty Standard.
B. Millennium Poverty Goal.
C. United Nations Poverty Goal.
D. U.S. Poverty Threshold.
In 1963 It Was Determined That $1,000 Per Year Was Needed To Purchase A 'Minimally Adequate'diet For A
Family Of Four. It Was Estimated That Other Basic Necessities Like Housing, Clothes, Transportation, And So
Forth Would Cost Twice As Much As The Food Staples. So The Government Concluded That A Budget Of
$3,000 Per Year Would Fund A 'Minimally Adequate'living Standard For A U.S. Family Of Four. That Standard
Became The Official U.S.
Poverty Threshold In 1963.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
2. In 1963 The U.S. Poverty Standard Was Equal To A.
$22,000 Per Year.
B. $10,000 Per Year.
C. $3,000 Per Year.
D. $1,000 Per Year.
In 1963 It Was Determined That $1,000 Per Year Was Needed To Purchase A 'Minimally Adequate'diet For A
Family Of Four. It Was Estimated That Other Basic Necessities Like Housing, Clothes, Transportation, And So
Forth Would Cost Twice As Much As The Food Staples. So The Government Concluded That A Budget Of
$3,000 Per Year Would Fund A 'Minimally Adequate'living Standard For A U.S. Family Of Four. That Standard
Became The Official U.S.
Poverty Threshold In 1963.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
3. In 2014 Inflation Adjusted U.S. Poverty Threshold Was
A. The Cost Of Food And Shelter But Not Other Necessities For An Individual.
B. The Dollar Measure Of Output Produced By An Individual.
C. An Annual Income Of Less Than $10,000 For A Family Of Two.
D. An Annual Income Of Less Than $29,000 For A Family Of Four.
Since 1963 Prices Have Risen Every Year. As A Result, The Price Of The Poverty 'Basket'has Risen As Well.
In 2014 It Cost Roughly $29,000 To Purchase Those Same Basic Necessities For A Family Of Four That Cost
Only $3,000 In 1963.
, AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
4. Which Of The Following Explains Why The
U.S. Poverty Threshold Increased From
$3,000 Per Year In 1963 To $29,000 Per
Year In 2014?
A. Americans Are More Spoiled Now Than They Were In 1963.
B. The Threshold Includes More Luxury Items Now Than It Did In 1963.
C. Inflation Has Caused The Price For Basic Necessities To Increase Since 1963.
D. The Government Has Become More Benevolent Than It Was In 1963.
Since 1963 Prices Have Risen Every Year. As A Result, The Price Of The Poverty 'Basket'has Risen As Well.
In 2014 It Cost Roughly $29,000 To Purchase Those Same Basic Necessities For A Family Of Four That Cost
Only $3,000 In 1963.
5. An Annual Income Of Less Than $29,000 Is
A. In-Kind Income.
B. Below The Poverty Threshold.
C. Extreme Poverty.
D. The Poverty Rate.
In 1963 It Was Determined That $1,000 Per Year Was Needed To Purchase A 'Minimally Adequate'diet For A
Family Of Four. It Was Estimated That Other Basic Necessities Like Housing, Clothes, Transportation, And So
Forth Would Cost Twice As Much As The Food Staples. So The Government Concluded That A Budget Of
$3,000 Per Year Would Fund A 'Minimally Adequate'living Standard For A U.S. Family Of Four. That Standard
Became The Official U.S.
Poverty Threshold In 1963.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
6. The Poverty Rate Is
A. The Percentage Of The Population That Is Counted As Poor.
B. The Income Needed For An Individual To Be Above The Poverty Line.
C. The Percentage Of The Population That Receives Food Stamps.
D. An Annual Income Of Less Than $29,000 For A Family Of Four In 2014.
The Poverty Rate Is The Percentage Of The Population With Household Income Falling Below The Poverty
Threshold.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
7. According To Official U.S. Statistics, The U.S. Poverty Rate Has Been
Approximately Percent For The Last 40 Years.
A. 5 To 18
B. 12 To 20
C. 4 To 13
D. 11 To 15
According To The Census Bureau, The Official U.S. Poverty Rate Has Been In A Narrow Range Of 11-15
Percent For The Last 40 Years.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
, Topic: AMERICAN POVERTY
8. The Direct Transfer Of Goods And Services Rather Than Cash Is Known
As A. In-Kind Transfers.
B. Transfer Payments.
C. Welfare Income.
D. Poverty Support.
In-Kind Transfers Are Direct Transfers Of Goods And Services Rather Than Cash, Such As Food Stamps,
Medicaid Benefits, And Housing Subsidies.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
9. Which Of The Following Is Not An Example Of In-Kind Transfers? A.
Food Stamps.
B. Social Security Payments.
C. Medicaid Benefits.
D. Housing Subsidies.
In-Kind Transfers Are Direct Transfers Of Goods And Services Rather Than Cash, Such As Food Stamps,
Medicaid Benefits, And Housing Subsidies.
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 02 Medium
Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
, 10. In-Kind Transfers Include The Direct Transfer Of A. Cash Rather Than
Goods.
B. Cash Rather Than Medical Services.
C. Goods And Services Rather Than Cash.
D. Education Rather Than Housing.
In-Kind Transfers Are Direct Transfers Of Goods And Services Rather Than Cash, Such As Food Stamps,
Medicaid Benefits, And Housing Subsidies.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
11. In-Kind Transfers Include
A. Transfer Payments And Food Stamps.
B. Public Housing And Medicare.
C. Medicaid And Unemployment Benefits.
D. Social Security Benefits And Housing Subsidies.
In-Kind Transfers Are Direct Transfers Of Goods And Services Rather Than Cash, Such As Food Stamps,
Medicaid Benefits, And Housing Subsidies.
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 02 Medium
Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
12. What Is Not Included In America's Poverty Count? A. High School
Dropouts.
B. Immigrants.
C. Teen Moms.
D. In-Kind Transfers.
In-Kind Transfers Allow 'Poor'families To Enjoy A Higher Living Standard Than Their Cash Incomes Imply.
Adding Those Transfers To Cash Incomes Would Bring The U.S. Poverty Count Down Into The 9-11
Percent Range Since Currently Only Cash Income Is Considered.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
13. Which Of The Following Statements Is True?
A. American Poverty Is Less Severe Than Global Poverty.
B. American Poverty Standards Are Below World Poverty Standards.
C. Approximately 25 Percent Of Americans Live In Poverty.
D. American Poverty Is Defined By Homelessness And Malnutrition.
America's Poor Families Themselves Report Few Acute Problems In Everyday Living. American Poverty Isn't
Synonymous With Homelessness, Malnutrition, Chronic Illness, Or Even Social Isolation. However, 12.5
Percent Of The U.S. Population Falls Below The Official American Poverty Threshold, And Virtually No
American Household Has An Income Below The Global Poverty Threshold. Finally, A Growing Economy Like
The U.S. Economy Allows Average Incomes To Rise(Relative Deprivation Versus Absolute Deprivation).
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 02 Medium
Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
ECONOMY TODAY
14TH
EDITION
SCHILLER
1. The Minimally Adequate Living Standard For A U.S. Family Of Four Is Known As The
A. Global Poverty Standard.
B. Millennium Poverty Goal.
C. United Nations Poverty Goal.
D. U.S. Poverty Threshold.
In 1963 It Was Determined That $1,000 Per Year Was Needed To Purchase A 'Minimally Adequate'diet For A
Family Of Four. It Was Estimated That Other Basic Necessities Like Housing, Clothes, Transportation, And So
Forth Would Cost Twice As Much As The Food Staples. So The Government Concluded That A Budget Of
$3,000 Per Year Would Fund A 'Minimally Adequate'living Standard For A U.S. Family Of Four. That Standard
Became The Official U.S.
Poverty Threshold In 1963.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
2. In 1963 The U.S. Poverty Standard Was Equal To A.
$22,000 Per Year.
B. $10,000 Per Year.
C. $3,000 Per Year.
D. $1,000 Per Year.
In 1963 It Was Determined That $1,000 Per Year Was Needed To Purchase A 'Minimally Adequate'diet For A
Family Of Four. It Was Estimated That Other Basic Necessities Like Housing, Clothes, Transportation, And So
Forth Would Cost Twice As Much As The Food Staples. So The Government Concluded That A Budget Of
$3,000 Per Year Would Fund A 'Minimally Adequate'living Standard For A U.S. Family Of Four. That Standard
Became The Official U.S.
Poverty Threshold In 1963.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
3. In 2014 Inflation Adjusted U.S. Poverty Threshold Was
A. The Cost Of Food And Shelter But Not Other Necessities For An Individual.
B. The Dollar Measure Of Output Produced By An Individual.
C. An Annual Income Of Less Than $10,000 For A Family Of Two.
D. An Annual Income Of Less Than $29,000 For A Family Of Four.
Since 1963 Prices Have Risen Every Year. As A Result, The Price Of The Poverty 'Basket'has Risen As Well.
In 2014 It Cost Roughly $29,000 To Purchase Those Same Basic Necessities For A Family Of Four That Cost
Only $3,000 In 1963.
, AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
4. Which Of The Following Explains Why The
U.S. Poverty Threshold Increased From
$3,000 Per Year In 1963 To $29,000 Per
Year In 2014?
A. Americans Are More Spoiled Now Than They Were In 1963.
B. The Threshold Includes More Luxury Items Now Than It Did In 1963.
C. Inflation Has Caused The Price For Basic Necessities To Increase Since 1963.
D. The Government Has Become More Benevolent Than It Was In 1963.
Since 1963 Prices Have Risen Every Year. As A Result, The Price Of The Poverty 'Basket'has Risen As Well.
In 2014 It Cost Roughly $29,000 To Purchase Those Same Basic Necessities For A Family Of Four That Cost
Only $3,000 In 1963.
5. An Annual Income Of Less Than $29,000 Is
A. In-Kind Income.
B. Below The Poverty Threshold.
C. Extreme Poverty.
D. The Poverty Rate.
In 1963 It Was Determined That $1,000 Per Year Was Needed To Purchase A 'Minimally Adequate'diet For A
Family Of Four. It Was Estimated That Other Basic Necessities Like Housing, Clothes, Transportation, And So
Forth Would Cost Twice As Much As The Food Staples. So The Government Concluded That A Budget Of
$3,000 Per Year Would Fund A 'Minimally Adequate'living Standard For A U.S. Family Of Four. That Standard
Became The Official U.S.
Poverty Threshold In 1963.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
6. The Poverty Rate Is
A. The Percentage Of The Population That Is Counted As Poor.
B. The Income Needed For An Individual To Be Above The Poverty Line.
C. The Percentage Of The Population That Receives Food Stamps.
D. An Annual Income Of Less Than $29,000 For A Family Of Four In 2014.
The Poverty Rate Is The Percentage Of The Population With Household Income Falling Below The Poverty
Threshold.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
7. According To Official U.S. Statistics, The U.S. Poverty Rate Has Been
Approximately Percent For The Last 40 Years.
A. 5 To 18
B. 12 To 20
C. 4 To 13
D. 11 To 15
According To The Census Bureau, The Official U.S. Poverty Rate Has Been In A Narrow Range Of 11-15
Percent For The Last 40 Years.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
, Topic: AMERICAN POVERTY
8. The Direct Transfer Of Goods And Services Rather Than Cash Is Known
As A. In-Kind Transfers.
B. Transfer Payments.
C. Welfare Income.
D. Poverty Support.
In-Kind Transfers Are Direct Transfers Of Goods And Services Rather Than Cash, Such As Food Stamps,
Medicaid Benefits, And Housing Subsidies.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
9. Which Of The Following Is Not An Example Of In-Kind Transfers? A.
Food Stamps.
B. Social Security Payments.
C. Medicaid Benefits.
D. Housing Subsidies.
In-Kind Transfers Are Direct Transfers Of Goods And Services Rather Than Cash, Such As Food Stamps,
Medicaid Benefits, And Housing Subsidies.
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 02 Medium
Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
, 10. In-Kind Transfers Include The Direct Transfer Of A. Cash Rather Than
Goods.
B. Cash Rather Than Medical Services.
C. Goods And Services Rather Than Cash.
D. Education Rather Than Housing.
In-Kind Transfers Are Direct Transfers Of Goods And Services Rather Than Cash, Such As Food Stamps,
Medicaid Benefits, And Housing Subsidies.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
11. In-Kind Transfers Include
A. Transfer Payments And Food Stamps.
B. Public Housing And Medicare.
C. Medicaid And Unemployment Benefits.
D. Social Security Benefits And Housing Subsidies.
In-Kind Transfers Are Direct Transfers Of Goods And Services Rather Than Cash, Such As Food Stamps,
Medicaid Benefits, And Housing Subsidies.
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 02 Medium
Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
12. What Is Not Included In America's Poverty Count? A. High School
Dropouts.
B. Immigrants.
C. Teen Moms.
D. In-Kind Transfers.
In-Kind Transfers Allow 'Poor'families To Enjoy A Higher Living Standard Than Their Cash Incomes Imply.
Adding Those Transfers To Cash Incomes Would Bring The U.S. Poverty Count Down Into The 9-11
Percent Range Since Currently Only Cash Income Is Considered.
AACSB: Reflective Thinking
Accessibility: Keyboard
Navigation Blooms:
Remember
Difficulty: 01
Easy Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
13. Which Of The Following Statements Is True?
A. American Poverty Is Less Severe Than Global Poverty.
B. American Poverty Standards Are Below World Poverty Standards.
C. Approximately 25 Percent Of Americans Live In Poverty.
D. American Poverty Is Defined By Homelessness And Malnutrition.
America's Poor Families Themselves Report Few Acute Problems In Everyday Living. American Poverty Isn't
Synonymous With Homelessness, Malnutrition, Chronic Illness, Or Even Social Isolation. However, 12.5
Percent Of The U.S. Population Falls Below The Official American Poverty Threshold, And Virtually No
American Household Has An Income Below The Global Poverty Threshold. Finally, A Growing Economy Like
The U.S. Economy Allows Average Incomes To Rise(Relative Deprivation Versus Absolute Deprivation).
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 02 Medium
Learning Objective: 37-01 How U.S. And Global Poverty Are
Defined.
Topic: AMERICAN POVERTY
