In an urban economy, the median annual household transport expenditure was £5,400 \pounds 5,400\,£5,400 whilst the median annual household disposable income was £32,400\pounds 32,400£32,400. Which one of the following can be concluded from the above statement?
Exactly 50%50\%50% of households had an annual disposable income higher than £5,400\pounds 5,400£5,400
A household with an annual disposable income of £32,400\pounds 32,400£32,400 would be expected to spend exactly £5,400\pounds 5,400£5,400 on transport
The average annual household disposable income was six times the average annual household transport expenditure
The average annual household transport expenditure was higher than 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.