Question

explain why this statement is false: "The United States is a wealthy country, that’s why everyone is doing well here".

Answer 1

The wealth of a nation is primarily the value of all the assets of worth owned by the country. It is determined by taking into account the total market value of all physical or intangible assets owned minus all the debts owed by the nation. Although the high wealth of a country is significant of strong economic conditions and well being of individuals, it does not necessarily mean that every sector or section of the society would be doing well. The ability of every sector or everyone being able to do well depends entirely on how wealth is distributed.

Thus, the United States is a wealthy country along with a good resource or wealth allocation among different sectors or sections of the economy and thus everyone is doing well.

Thus, the given statement is False.