Which of the Following Statements About Wealth in the United

question 26

Multiple Choice

Which of the following statements about wealth in the United States is FALSE?

• A)The top 1 percent of the wealth-holders currently possess about 30 percent of all American wealth.
• B)The wealth of the richest 1 percent exceeds the wealth of the bottom 90 percent.
• C)There are now over two million millionaires in the world,most in the United States.
• D)Between 1979 and 1995,the poorest one-fifth of the population saw their real incomes increase,while the richest one-fifth of the population saw their real incomes decrease.
• E)Since the 1980s,the rich have gotten richer and the poor have gotten poorer.

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Definitions:

Conspicuous Consumption

The act of buying and using products to make a statement about social status rather than to meet the basic needs.

Closed System

A social system in which status is based on attributes ascribed at birth.

Ascribed Status

Attributes (advantages and disadvantages) assigned at birth (e.g., sex).

Intelligence Quotient

A measure of a person's intellectual abilities in relation to their age group, typically assessed by standardized tests.