Solve the Problem What Is the Probability That a Household Has an Annual

question 81

Multiple Choice

Solve the problem.
-The table below shows the results of a consumer survey of annual incomes in 100 households. $$\begin{array} { l | c } \text { Income } & \text { Number of households } \\\hline \$ 0 - 14,999 & 9 \\\hline \$ 15,000 - 24,999 & 25 \\\hline \$ 25,000 - 34,999 & 27 \\\hline \$ 35,000 - 44,999 & 25 \\\hline \$ 45,000 \text { or more } & 14\end{array}$$ What is the probability that a household has an annual income between $15,000 and $44,999 inclusive?

• A) 0.52
• B) 0.5
• C) 0.77
• D) 0.27

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Definitions:

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced in a country in real terms.

Federal Budget

An annual financial statement presented by the government, detailing its expected revenue and proposed spending for the coming fiscal year.

Economic Booms

Periods of significant economic growth and prosperity, often characterized by increased production, sales, and employment rates.

Fiscal Policy

Government policies relating to taxation and spending that are used to influence economic conditions, including managing inflation and unemployment.