Social Inequality in the United States

question 89

Multiple Choice

Social inequality in the United States

• A) is a part of the structure of contemporary life.
• B) is institutionalized.
• C) does not occur randomly,but follows a relatively consistent and stable pattern.
• D) All of the choices are correct.

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Definitions:

Tax

A compulsory financial charge or levy imposed by a government on individuals or entities to fund public expenditure.

Consumer Surplus

The difference between the aggregate willingness to pay by consumers for a good or service and the aggregate actual payment.

Deadweight Loss

An economic inefficiency caused by a disruption in market equilibrium, leading to a loss of societal welfare.

Consumer Surplus

The disparity between the ideal total expenditure consumers are willing to make on a good or service and the real expenditure.