According to the Flow of Funds Accounts of the United

question 41

Multiple Choice

According to the Flow of Funds Accounts of the United States, the largest liability of U.S. households is ________.

• A) mortgages
• B) consumer credit
• C) bank loans
• D) gambling debts

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Definitions:

Closed-class Societies

Societies characterized by strict social stratification and limited mobility, where individuals' roles and statuses are often predefined.

Age Set

A social group system in which people within a specific age group are categorized together for performing rituals and have similar responsibilities.

Age Grade

A social category or class based on age, within which individuals pass as they grow older, marking different stages of life and responsibilities.

Social Mobility

The movement of individuals, families, or groups through a system of social hierarchy or stratification, typically reflecting changes in socioeconomic status.