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:

Due Diligence

The investigation or exercise of care that a reasonable business or person is expected to take before entering into an agreement or a financial transaction with another party.

Negotiable Instrument

A document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer named on the document.

Confession of Judgment

A legal agreement in which a debtor permits a creditor to obtain a judgment against them without a trial.

Undertaking

A formal pledge or promise, often in a legal context, indicating an agreement to perform a particular action or task.