Does Income Increase When You Get Married? to Investigate This,a

question 40

Multiple Choice

Does income increase when you get married? To investigate this,a college student has randomly selected people from his college town and collected income data for these people.They were categorized according to their marital status.The following results (in thousands of dollars) were obtained. The data are to be analyzed using the Wilcoxon rank sum test.Arrange the ten observations in order and assign ranks.What rank does the observation with an income of $116,000 receive?

• A)3
• B)4
• C)5

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually do pay.

Producer Surplus

The difference between what producers are willing and able to sell a product for and the actual price they receive, indicating the benefit to producers.

Welfare Loss

A decrease in economic efficiency that occurs when there is an optimal allocation of resources that is not achieved due to various reasons such as externalities or market failure.

Hierarchy of Needs

A psychological theory proposed by Abraham Maslow that categorizes human needs into a five-level model, ranging from basic physiological needs to self-actualization.