The Median Wealth (Net Worth) of U

question 66

Multiple Choice

The median wealth (net worth) of U.S. seniors in 2010 was about

• A)$2,100.
• B)$21,000.
• C)$210,000.
• D)$2,100,000.

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Definitions:

Excise Tax

A tax levied on specific goods, services, or transactions, typically aimed at discouraging consumption of certain items or raising revenue.

Demand Curves

Graphical representations showing the relationship between the price of a good and the quantity demanded by consumers, typically illustrating an inverse relationship.

Supply Curves

Graphical representations showing the relationship between the price of a good and the amount of the good that suppliers are willing to sell.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price, indicating its sensitivity to price changes.