Despite the Promise That Anyone Can Become Rich and Successful

question 1

Multiple Choice

Despite the promise that anyone can become rich and successful in the U.S., the realities are that they typically do not. As reported in a 2017 United Nations report, in 1982 the top 1% of adults earned about _____ times more than the bottom 50% of adults. Today, the top 1% earns _____ times more than the bottom 50%.

• A) 5 ; 24
• B) 12 ; 45
• C) 18 ; 56
• D) 27 ; 81

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Definitions:

Nonrival

A characteristic of a good where one person's consumption does not reduce availability for others.

Inefficiently Low

A situation in which the production or use of goods and services is below the level that could maximize welfare or efficiency.

Nonrival

A characteristic of a good or service where one person's consumption does not reduce its availability for others, often used in the context of public goods.

Efficient Price

A price level where the quantity supplied equals the quantity demanded, leading to an optimal allocation of resources.