Define the poverty rate, Since the official poverty line

Define the poverty rate

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Reference no: EM131403137

1. Define the poverty rate. Does it rise or fall during recessions?

2. Since the official poverty line was set at $3,000 in 1964, prices have risen by about a factor of 7. If the poverty line was adjusted only for inflation, what would it be now? How does that compare with the actual poverty line?

Reference no: EM131403137

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