Asked by Cylas Kawika on May 07, 2024
Verified
Statement I: The net worth of the top one % of American households is greater than the net worth of the bottom 90%
Statement II: The poverty rate in 2008 was 13.2%.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Net Worth
The difference between assets and liabilities.
American Households
Units of living in the United States that consist of one or more people who live in a single housing unit, which may include families and roommates, and their economic and social characteristics.
- Recognize the distribution of income and wealth in the United States.
Verified Answer
ER
Emily RodriguezMay 11, 2024
Final Answer :
C
Explanation :
Statement I is true as wealth inequality in the United States has been a significant issue, with the top 1% holding a disproportionate amount of wealth compared to the rest of the population. Statement II is also true; according to the U.S. Census Bureau, the official poverty rate in 2008 was indeed 13.2%.
Learning Objectives
- Recognize the distribution of income and wealth in the United States.
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