In 2010, the Median U

question 9

Multiple Choice

In 2010, the median U.S. household income was approximately:

• A)$50,000.
• B)$8,000.
• C)$16,000.
• D)$25,000.

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Definitions:

Characteristics

The distinguishing features or qualities of an item, person, or phenomenon that can be used to identify it and differentiate it from others.

Above-Equilibrium Wages

Wages that are higher than the market equilibrium, often set to attract better employees, improve morale, or reduce turnover, but potentially leading to excess supply of labor.

Shirking

Shirking refers to the practice of avoiding or escaping work responsibilities, often by being deceitful or lazy, which can reduce overall productivity.

Pairwise Votes

A voting system where candidates are compared in pairs, and the winner is determined by who gets more votes in the head-to-head comparisons.