Question

Since the financial status of older Americans is enormously diverse, it is better to look at mean values of wealth and income, rather than median values.

Answer 1

Mean values of wealth and income should be used to understand the financial status of older Americans due to their diverse financial situations.

Step-by-step explanation:

Wealth and income inequality can be measured using mean and median values. While the financial status of older Americans is diverse, looking at mean values of wealth and income provides a better understanding of the overall distribution of resources. Mean values can account for extreme differences in wealth and income among older Americans. For example, if a small number of older Americans have significantly higher or lower wealth and income compared to the majority, then the median value would not accurately represent the overall financial situation of this group.