Use the Figure Below to Answer the Following Questions

question 114

Multiple Choice

Use the figure below to answer the following questions.

Figure 19.1.3
-In Figure 19.1.3, the middle 20 percent of all families receive what share of income?

• A)10 percent
• B)20 percent
• C)30 percent
• D)40 percent
• E)50 percent

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Definitions:

Supply Conditions

Factors that affect the quantity of a good or service that producers are willing and able to sell at a given price.

Excise Tax

A tax on the manufacture, sale, or consumption of certain goods and services within a country.

Tax Burden

The measure of the total amount of taxes paid by individuals or businesses, often expressed as a percentage of income or GDP.

Equilibrium

A state where market supply and demand balance each other, and as a result, prices become stable.