In a regional economy, the median residential property price was £280,000 whilst the median annual household disposable income was £35,000. Which one of the following can be concluded from the above statement?
A household with an annual disposable income of £35,000 would be expected to own a property worth £280,000
Exactly 50% of households had an annual disposable income higher than £280,000
The average annual household disposable income was higher than the average residential property price
The average residential property price was eight times the average annual household disposable income
187 exam-style questions on AQA A Level Economics 2.1 The measurement of macroeconomic performance, covering 2.1.1 The objectives of government economic policy, 2.1.2 Macroeconomic indicators, 2.1.3 Uses of index numbers, and 2.1.4 Uses of national income data (A-level only). Each one has a worked solution and a mark scheme showing where the marks go.