If a social welfare program increases the average income of the bottom 30% of ea

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What’s inside this PDF?

Question: If a social welfare program increases the average income of the bottom 30% of earners by $2000, what is the total increase for 1 million people?

Options:

$200 million
$300 million
$400 million
$500 million

Correct Answer: $200 million

Solution:

Total increase = 1,000,000 * $2000 = $200 million.

If a social welfare program increases the average income of the bottom 30% of ea

Practice Questions

If a social welfare program increases the average income of the bottom 30% of earners by $2000, what is the total increase for 1 million people?

$200 million
$300 million
$400 million
$500 million

Questions & Step-by-Step Solutions

If a social welfare program increases the average income of the bottom 30% of earners by $2000, what is the total increase for 1 million people?

Step 1: Identify the number of people affected by the increase. In this case, it is 1 million people.
Step 2: Determine the amount of increase for each person. Here, it is $2000.
Step 3: Multiply the number of people by the increase per person to find the total increase. So, calculate 1,000,000 * $2000.
Step 4: Perform the multiplication. 1,000,000 times $2000 equals $200,000,000.
Step 5: Convert $200,000,000 into a more readable format. This is $200 million.

Basic Arithmetic – The question tests the ability to perform multiplication to find the total increase in income for a specified number of people.
Understanding Percentiles – The question involves understanding the implications of targeting a specific income group (the bottom 30% of earners) but requires calculating the total increase for a larger population.

If a social welfare program increases the average income of the bottom 30% of ea

What’s inside this PDF?

If a social welfare program increases the average income of the bottom 30% of ea

Practice Questions

Questions & Step-by-Step Solutions

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