Types of Poverty

Q. Which of the following is correct regarding the term 'absolute poverty'?

1. It refers to the standard of living compared to the economic standards of living within a group of nations.
2. It refers to a condition where an individual does not have the financial means to obtain commodities to sustain life.
3. It refers to the standard of living compared to the economic standards of living within the same surroundings.
4. It refers to a condition where a nation does not have the financial means to obtain commodities to sustain life.

Q. Which of the following statements can be related to the concept of relative poverty?

1. It considers the relative standards of living
2. Measured by looking at the different levels of income within a society or in different countries
3. Condition where an individual does not have the financial means to obtain commodities to sustain life.
4. Purchasing power, measured based on comparative market prices in the economy