Consider the following statements with reference to relative and absolute poverty 1 Relative poverty...........

Economic Affairs Rural Development

Consider the following statements with reference to relative and absolute poverty:

1. Relative poverty is defined as the condition under which one cannot afford 'the minimum provision needed to maintain health and working efficiency'.

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

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

Statement 1 is incorrect: It is not the relative poverty. It is the absolute poverty which is the condition under which one cannot afford- the minimum provision needed to maintain health and working efficiency.

Statement 2 is incorrect. It is not the absolute poverty. It is the relative poverty which is the condition in which people lack the minimum amount of income needed in order to maintain the average standard of living in the society in which they live