Which Statement(s) Is/are True

question 129

Multiple Choice

Which statement(s) is/are true?
I. A major source of income inequality in the United States stems from differences in education levels.
II. Differences in the number of earners in a household is not a source of income inequality in the United States.
III. Differences in spending habits is a major factor in explaining income inequality.

• A) I only
• B) II only
• C) III only
• D) I and II only

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Definitions:

Negligence

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances, leading to harm or damage.

Malpractice Claim

A malpractice claim is a lawsuit brought against a professional (commonly in healthcare) for negligence or failure to perform their duties to an acceptable standard, resulting in harm to a client or patient.

Professional Indemnity Insurance

A type of liability insurance that helps protect professionals from claims made by their clients for errors or omissions.

GAAP

Generally Accepted Accounting Principles, which are a standard framework of guidelines for financial accounting.