Based on Data from 2003,approximately What Percent of All Income

question 147

Multiple Choice

Based on data from 2003,approximately what percent of all income in the United States did the top fifth of all families receive?

• A)78 percent
• B)48 percent
• C)21 percent
• D)4 percent

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Definitions:

Oranges

A citrus fruit known for its round shape and orange color, which is rich in vitamin C.

Utilities Possibilities Frontier

Represents the maximum utility levels that two individuals or more can achieve within a given set of resources, emphasizing trade-offs and efficiency.

Efficient

An economic state where every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

Marginal Utility

The additional utility or satisfaction a consumer gains from consuming one more unit of a good or service.