Which statement about the cost of living in an area is correct?(1 point)
Responses
The cost of living includes the bare necessities an individual requires for survival and safety.
The cost of living includes the bare necessities an individual requires for survival and safety.
The cost of living is the hourly wage required to cover one’s basic needs including relevant taxes.
The cost of living is the hourly wage required to cover one’s basic needs including relevant taxes.
The cost of living is an estimated expense of a family’s basic needs in an area.
The cost of living is an estimated expense of a family’s basic needs in an area.
The cost of living is the amount of money that is paid for work or services rendered.
The cost of living is an estimated expense of a family’s basic needs in an area.
The Robinson family includes 2 children and 2 parents who are both working full-time (2,080 hours per work year). Their total annual basic needs budget is $95,477 excluding taxes. On average, what hourly wage should each parent earn in order to remain within their budget?(1 point)
Responses
$22.95
$22.95
$18.25
$18.25
$31.39
$31.39
$45.90
To calculate the hourly wage each parent should earn, divide the total annual budget by the total number of work hours in a year (2,080 hours).
$95,477 / 2,080 = $45.90
Therefore, each parent should earn an hourly wage of $45.90.