The poorest 10 percent of the U.S. population earned less than $412 per week in 2014. This meant they had

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BlackTom AI · Accepted Answer

The prompt presents a question about the earnings of the poorest 10 percent of the U.S. population in 2014 and asks what this meant they had.
First, note that the provided data point says they earned less than $412 per week in 2014. This indicates a very low income relative to the broader population.
Next, we consider what such low earnings imply. Earning a small amount per week generally translates into limited ability to purchase goods and services, i.e., low purchasing power. Purchasing power is the quantity and value of goods and services that can be bought with a given income, considering prices in the economy. With earnings under a modest weekly threshold, these individuals would be able to buy fewer goods and services than higher-income groups, assuming prices are similar across groups. This aligns with the concept that income levels constrain what households can afford, affecting their standard of living.
As for the phrasing of the other potential interpretations:
- The phrase 'the lowest purchasing power' directly captures the consequence of having the lowest income when prices are taken into account, and is a precise reading of the implication of earning less money.
- If an option stated that they had the 'lowest living standards' or 'lowest consumption overall,' that would be a plausible but broader interpretation, since purchasing power is the economic mechanism behind living standards. However, without alternative options to contrast, we focus on the direct economic implication linked to weekly earnings.
- The idea that low earnings equate to 'the lowest savings' would require data about saving behavior, which isn't provided by income alone; thus it would be an assumption beyond the given information.
- Any claim about 'purchasing power being determined solely by income' ignores price levels and inflation, so while income is a major factor, purchasing power also depends on prices and household needs, making oversimplified statements less accurate.
In summary, given the data point about earnings, the most straightforward and accurate interpretation is that this group had the lowest purchasing power relative to those with higher incomes, reflecting limited ability to buy goods and services at prevailing prices.

PRINCIPLES OF MARKETING MKT 3100-11 (92759) Exam 1 - Ch. 1, 2, 3, 5, and 6

The poorest 10 percent of the U.S. population earned less than $412 per week in 2014. This meant they had

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