Final answer:
The word 'select' in the paragraph is best interpreted as referring to a privileged group, making option A the correct answer.
Step-by-step explanation:
The correct answer to the question "Which word best states the meaning of select as it is used in the paragraph?" based on the given paragraph is privileged. The word 'select' in the context of the paragraph suggests a group of people who have access to certain benefits or resources that the wider population may not, indicating a privileged subset. Therefore, option A, privileged, is the best choice to reflect the meaning of select as used in the paragraph, which is referring to the ability for only certain people to afford basic conveniences like a home, an automobile, and the opportunity to educate their children.