AS Paper 1, June 2018Introduction to Markets and Market Failure
AS Paper 1, June 2018, Q4(a)
Which one of the following is the most accurate explanation of the term ‘median household income’?
Multiple choice1 mark
Context
Between 2013 and 2015, median household income in the UK increased from £24200 to £25700. Over the same period the demand for bus travel fell by 3%.
AThe difference between the highest level of household income and the lowest level of household income
BThe middle household income after placing all household incomes in numerical order
CThe most frequently occurring level of household income
DTotal household income divided by the number of households