Table H-1. Income Limits for Each Fifth and Top 5 Percent of All Households: 1967 to 2021 Current Dollars Year Number (thousands) Lowest Upper limit of each fifth (dollars) Second Third Fourth 89,744 2021 131,202 28,007 55,000 Question 04b: Which of the following statements are true? a) The upper limit on income of the lowest 20% of households in the United States is $28,007 meaning the range of the lowest quintile is from zero to $28,007. Lower limit of top 5 percent (dollars) 149,131 286,304 b) The income range of the middle (third) quintile of households is from $55,001 to $89,744. c) The top 20% of households had income of at least $149,132. d) All of the above are true statements for the almost 130 million households in 2021.

Table H-1. Income Limits for Each Fifth and Top 5 Percent of All Households: 1967 to 2021 Current Dollars Year Number (thousands) Lowest Upper limit of each fifth (dollars) Second Third Fourth 89,744 2021 131,202 28,007 55,000 Question 04b: Which of the following statements are true? a) The upper limit on income of the lowest 20% of households in the United States is $28,007 meaning the range of the lowest quintile is from zero to $28,007. Lower limit of top 5 percent (dollars) 149,131 286,304 b) The income range of the middle (third) quintile of households is from $55,001 to $89,744. c) The top 20% of households had income of at least $149,132. d) All of the above are true statements for the almost 130 million households in 2021.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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