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Chapter 15: Problem 44

In country A, the population is 300 million and 50 million people are living below the poverty line. What is the poverty rate?

Short Answer

Expert verified
In country A, the poverty rate is 16.67%.

Step by step solution

01

Identify the given numbers

We are given: - Total population in country A: 300 million - People living below the poverty line: 50 million
02

Calculate the poverty rate

We need to find the percentage of people living below the poverty line. To do this, divide the number of people living below the poverty line by the total population and multiply the result by 100: Poverty rate = \(\frac{Number\: of\: people\: living\: below\: the\: poverty\: line}{Total\: population}\) × 100
03

Substitute the given numbers

Now, plug in the given numbers into the formula: Poverty rate = \(\frac{50\: million}{300\: million}\) × 100
04

Simplify the fraction

Simplify the fraction: Poverty rate = \(\frac{1}{6}\) × 100
05

Convert the fraction to a percentage

Multiply the fraction by 100 to find the percentage: Poverty rate = \(\frac{1}{6}\) × 100 = 16.67% In country A, the poverty rate is 16.67%.

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Most popular questions from this chapter

Which set of policies is more likely to cause a tradeoff between economic output and equality: policies of redistribution or policies aimed at the ladder of opportunity? Explain how the production possibility frontier tradeoff between economic equality and output might look in each case.

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