If the USPopulation Were Split into Quintiles Based on Income,with the Lowest

question 13

Multiple Choice

If the U.S.population were split into quintiles based on income,with the lowest quintile representing the poorest 20 percent,then those who earned the median income for the United States would be in the:

• A) second quintile.
• B) third quintile.
• C) fourth quintile.
• D) fifth quintile.

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Definitions:

Loanable Funds

A concept in economics that describes the market where borrowers obtain funds from savers, influenced by interest rates.

Interest Rates

The cost of borrowing money, expressed as a percentage of the amount borrowed, paid by the borrower to the lender for the use of their funds.

National Debt

The complete value of funds that a nation's administration has accrued as debt through various methods.

Built-In Stabilizers

Automatic fiscal mechanisms, such as progressive taxation and welfare payments, that help to moderate the fluctuations of an economy's output without additional legislative action.