As of 2010, to Be in the Bottom Quintile for Income

question 66

Multiple Choice

As of 2010, to be in the bottom quintile for income distribution in the United States, a family needed in income no more than

• A) $15,000.
• B) $21,000.
• C) $27,000.
• D) $35,000.

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Definitions:

Consumptions

The act of using goods and services to satisfy wants and needs, including everything from essentials like food and clothing to luxury items.

Base Year

A reference year used in economic indices and statistical analyses to facilitate the comparison of data over time.

Utility Function

A mathematical representation of how different bundles of goods or services are ranked according to their utility or satisfaction to a consumer.

Paasche Price Index

A measure of price level changes over time that uses the current period's quantities as weights.