Since 1963 prices have risen every year.As a result,the price of the poverty "basket" has risen as well.In 2009 it cost roughly $22,000 to purchase those same basic necessities for a family of four that cost only $3,000 in 1963.
-An annual income of less than $22,000 is
A)In-kind income.
B)Below the poverty threshold.
C)Extreme poverty.

Question

Quizplus · Accepted Answer

An annual income of less than $22,000 is below the poverty threshold, which is the income level below which a person or family is considered to be living in poverty. In this case, the cost of basic necessities for a family of four exceeds their income, indicating that they are not able to meet their basic needs without assistance. In-kind income and extreme poverty are not applicable in this scenario.

Since 1963 Prices Have Risen Every Year