All of the Following Statements About the Income Distribution in the United

question 20

Multiple Choice

All of the following statements about the income distribution in the United States are correct except

• A) sixty years ago, most families were just over a subsistence level.
• B) by the 1970s, real income in the U.S. had risen.
• C) during the 1960s the growth in income slowed due to inflation.
• D) since 2000, median income has declined.
• E) real income growth has slowed.

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Definitions:

Profits

The financial gain obtained when the revenue earned from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Jeweler

A person or business that designs, makes, sells, or repairs jewelry.

Clothing Store

A retail establishment that sells garments and apparel for men, women, and children.

Utility

Utility refers to the total satisfaction received from consuming a particular good or service.