Economic Systems and Daily Life Answers

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citizens✔ governmentsbusinesses

A
citizens
B
governments
C
businesses
3

✔ lessmore equally

A
less
B
more
C
equally
4

private public✔ private and public

A
private
B
public
C
private and public
5

✔ incomewealth gapunemployment

A
income
B
wealth gap
C
unemployment
6

From 1981 to 2001, which change was most likely happening in the US economy?

A
a decrease in spending by consumers
B
an increase in the number of workers
C
an increase in spending by consumers
D
an increase in government intervention in the economy
7

What percentage of wealth belonged to the wealthiest 1 percent of US citizens in 2010?

A
about 53 percent
B
about 35 percent
C
about 11 percent
D
about 42 percent
8

What type of economic system are you a part of?In a short paragraph, explain how your economic system regulates choices to respond to economic challenges.

Answer:

The economic system of the country that I live in is a mixed-market economy. My government maintains this economic system by allowing citizens to make many economic choices. The government responds to economic issues by attempting to provide more opportunities for citizens. Examples include lowering taxes to allow more funding for hiring new workers, or increasing education to help reduce the wealth gap.

9

incomethe wealth gap✔ unemployment

A
income
B
the wealth gap
C
unemployment
10

Which descriptions did you include in your response? Check all that apply.

A
a description of a mixed market economy
B
a description of how mixed market economies can respond to challenges
C
a description of the economic choices allowed in a mixed market economy

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