Which of the Following Is Most Likely a FALSE Statement

question 34

Multiple Choice

Which of the following is most likely a FALSE statement about income inequality?

• A)The richest 1% of the world's population claims as much income as the bottom 57%.
• B)GNI is the most effective tool for estimating the relative wealth of a nation's citizens.
• C)Among industrialized nations, the United States has the largest inequality gap between rich and poor.
• D)Income inequality between metropolitan and rural areas threatens a country's social stability.

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Definitions:

Raw Material

Basic materials used in the production process as inputs to create finished goods.

Work in Process

Items that are in the middle stages of production, neither raw materials nor finished goods, reflecting the cost of ongoing manufacturing activities.

Property, Plant, and Equipment

Long-term assets owned by a business for use in production, manufacturing, or administrative functions, not intended for sale.

Standard Cost System

This system assigns predetermined costs to the manufacture of products and services, used for budgeting and controlling expenses.