Asked by Littlecake Cheung on Apr 27, 2024
Verified
In the United States, most wealth is inherited, not self-created.
Wealth
An abundance of valuable resources or material possessions.
Inherited
Traits or properties received from previous generations through genetic transmission.
- Examine the reasons and effects of poverty.
- Investigate the impact of race, ethnicity, and gender on social stratification and impoverishment.
Verified Answer
CA
cherry afallaApr 29, 2024
Final Answer :
False
Explanation :
While there is some degree of intergenerational wealth transfer in the US, the majority of wealthy Americans have earned their fortunes through entrepreneurship, investment, and other forms of income generation. A 2019 study by the Federal Reserve found that inherited wealth accounted for only about 25% of total household wealth in the US.
Learning Objectives
- Examine the reasons and effects of poverty.
- Investigate the impact of race, ethnicity, and gender on social stratification and impoverishment.
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