Multiple Choice
A wealth gap is best described as an economic difference between which of the following?
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16. Income Inequality and Poverty
Income Inequality in the USA and Worldwide
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
A wealth gap is an economic difference between which of the following?
A
Nations
B
Businesses
C
Economic classes
D
Governments
Verified step by step guidance1
Step 1: Understand the concept of a wealth gap. In microeconomics, a wealth gap refers to the difference in the distribution of wealth among different groups within an economy.
Step 2: Identify the groups between which the wealth gap is measured. It is not typically between nations, businesses, or governments, but rather between economic classes or groups of individuals.
Step 3: Recognize that economic classes refer to groups of people categorized by their income, wealth, or social status, such as the rich, middle class, and poor.
Step 4: Conclude that the wealth gap is the economic difference between these economic classes, highlighting disparities in wealth and resources.
Step 5: Therefore, the correct understanding is that a wealth gap is an economic difference between economic classes.
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