When household incomes are ranked from lowest to highest,the middle income is known as the _____
A)median income.
B)mean income.
C)means-tested income.
D)official poverty level.
E)transfer income.

Question

Quizplus · Accepted Answer

The middle income is known as the median income. The median is the value that separates the lowest 50% from the highest 50% of incomes when listed in order. It is different from the mean income, which is the average of all incomes and can be affected by extreme values. Means-tested income refers to government assistance programs that require proof of financial need, while the official poverty level is a measure of the minimum income required to meet basic necessities. Transfer income refers to payments received from the government or other entities without an exchange of goods or services, such as Social Security or unemployment benefits.

When Household Incomes Are Ranked from Lowest to Highest,the Middle