Compared to Those with Lower Incomes, Families with Higher Incomes

question 90

Multiple Choice

Compared to those with lower incomes, families with higher incomes are more likely to be headed by a

• A) person age 65 years and older.
• B) husband and wife team with one but not the other in the labor force.
• C) single-parent.
• D) college graduate.

---

Definitions:

Salaries

Periodic payments made to employees, usually on a monthly or biweekly basis, in return for labor services performed.

Real GDP

The measure of a country's economic output adjusted for price changes, such as inflation or deflation, providing a more accurate reflection of the economy's size and how it's growing over time.

Nominal GDP

The market value of all final goods and services produced within a country in a year, measured in current prices without adjusting for inflation.

Economy Growth

An increase in the production of goods and services in an economy over a period of time, often measured by the growth of the Gross Domestic Product (GDP).