Between 2019 and 2022, the median household income in a regional economy increased from $48,500 to $51,200 per year. Over the same period, the demand for budget-brand supermarket goods fell by 5%. Which one of the following is the most accurate explanation of the term 'median household income'?
The total income of all households divided by the number of households in the economy.
The difference between the highest and lowest household incomes recorded.
The income level that divides the population into two equal groups, where half earn more and half earn less.
The income level that is received by the greatest number of households.
16 exam-style questions on Edexcel A A Level Economics 4.2.2 Inequality. Each one has a worked solution and a mark scheme showing where the marks go.