The income of the middle person in an income distribution is called the
A) mean income.
B) average income.
C) median income.
D) per capita income.
C
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What happens when the interest rate on newly issued bonds increases?
a. The price of previously issued bonds with the lower rate decreases but still is higher than its face value. b. The price of previously issued bonds with the lower rate does not change as the face value has not changed. c. The price of previously issued bonds with the lower rate decreases to less than its face value. d. The price of previously issued bonds with the lower rate increases to more than its face value.
The forces of supply and demand assure that
a. demand curves and supply curves tend to shift to the right as time goes by. b. the price of a good will eventually rise in response to an excess demand for that good. c. when the supply curve for a good shifts, the demand curve for that good shifts in response. d. the equilibrium price of a good will be rising more often than it will be falling.
On a graph with consumption on the vertical axis and disposable income on the horizontal axis, the slope of the line is
A. greater than 1. B. equal to 1. C. less than 1. D. undefined.
Refer to the below graph of a hypothetical market for health care. The efficiency loss caused by the provision of health insurance covering four-fifths of the cost is:
A. $3,000
B. $6,000
C. $12,000
D. $24,000