Choose whether the statement is true/false:

According to the World Bank, being in poverty means having a daily income of less than $1.

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Detailed Solution

The above statement is true.
According to the World Bank, being in poverty means having a daily income of less than $1.
The World Bank defines the extremely poor as people who make less than $1.90 per day based on data on necessities gathered from 15 low-income countries. Nevertheless, higher poverty thresholds have been introduced as more people live in middle-income rather than low-income nations nowadays. This line helps to compare poverty levels between nations by estimating the number of individuals who live in extreme poverty. If a person's income or consumption is below a predetermined "minimum level" required to meet necessities, that person is termed poor. The poverty line refers to this threshold.

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