Table 20-1 The Following Table Shows the Distribution of Income in Marysville

question 7

Multiple Choice

Table 20-1
The following table shows the distribution of income in Marysville.
-Refer to Table 20-1. Fifty percent of all families have incomes below what level?

• A)$30,000
• B)$60,000
• C)$90,000
• D)There is insufficient information to answer this question.

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Definitions:

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Goods

Tangible products or commodities that are manufactured or produced for sale or exchange.

Resources

A broad term that encompasses all the materials, assets, and inputs used by individuals or organizations to produce goods and services.