Select if the given statement is true/false:

Absolute poverty is the condition in which people lack the minimum amount of income needed in order to maintain the average standard of living.

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True

False

answer is B.

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Detailed Solution

The above statement is false.
It is relative poverty when people lack the minimum income needed to maintain the average standard of living. People who don't make enough money to maintain the level of living considered to be ordinary in their society are said to be living in relative poverty. Absolute poverty, on the other hand, is the situation when a person does not have access to the financial means needed to survive. Thus, in absolute poverty, people live below the poverty line.
The correct statement is that relative poverty is the condition in which people lack the minimum amount of income needed to maintain the average standard of living.

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