A person's salary is £28,000, savings are £12,000, a car is worth £8,000 and interest income is £240. Which pair correctly states annual income and measured wealth from this information?
Income £28,240; wealth £20,000
Income £40,240; wealth £8,000
Income £28,000; wealth £20,240
Income £48,240; wealth £12,000
29 exam-style questions on OCR GCSE Economics 3.3 Fair distribution of income, covering 3.3.1 Distribution of income and wealth, 3.3.2 Calculate income and wealth, and 3.3.3 Causes and consequences of income differences. Each one has a worked solution and a mark scheme showing where the marks go.