AnswersGalliWCA 2221 CivicsEconomics 1st nine weeks 26-27Economic Systems and Daily Life

Competition and Free Enterprise Answers

15 verified answers2 views
1
Free Preview

What is one possible effect of high unemployment in a mixed market economy?

T
The government will intervene to appoint new jobs to workers.
A
A lack of income will weaken the buying power for many people.
N
New government-run farms and factories will open to provide work.
T
The wealth gap between the upper and lower classes will decrease.
2
Free Preview

How does a command economy differ from a mixed market economy?

A
In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.
B
In a command economy, citizens have more property rights. In a mixed market economy, citizens have fewer property rights.
C
In a command economy, citizens own all public property. In a mixed market economy, the government owns all private property.
D
In a command economy, citizens own all private property. In a mixed market economy, the government owns all public property
3

This graph shows the changing unemployment rate in the United States.From 2001 to 2011, unemployment in the United States

Question illustration
A
stayed the same.
B
slightly changed.
C
sharply increased.
D
sharply decreased.
4

Private property is land or goods

o
owned by the government.
o
owned by an individual.
u
used by state officials.
u
used for taxation.
5

The difference in income between the richest and poorest citizens is called

a
a command economy.
u
unemployment.
p
private property.
t
the wealth gap.
6

In a mixed market economy, property owned by an individual

A
can be used by all citizens.
B
can be run by a city or state.
C
can help promote personal wealth.
D
can be used by government workers.
7

This graph shows the changing unemployment rate in the United States.Based on this graph, what can be concluded about the economy between 1991 and 2008?

Question illustration
A
The economy was getting stronger because unemployment was low.
B
The economy was getting stronger because too many manufacturing jobs were available.
C
The economy was getting weaker because employment was low.
D
The economy was getting weaker because stagflation was occuring.
8

How does a high unemployment rate affect the economy?

A
A high unemployment rate has no effect.
A
A high unemployment rate has little effect.
A
A high unemployment rate has a very positive effect.
A
A high unemployment rate has a very negative effect.
9

What is one counter-argument to the premise that the wealth gap is a serious problem which needs to be addressed?

T
The lower classes have the opportunity to invest.
P
Poor people can easily move into the middle class.
I
Investments by the upper class create lower-class jobs.
B
Buying power sharply increases for the working class.
10

What is the best definition of ownership?

A
Ownership is the right to possess land or goods.
B
Ownership is the right to possess land alone.
C
Ownership is the right to purchase land or goods.
D
Ownership is the right to purchase goods alone.
11

In a mixed market economy, property owned by the government

A
can be used by many citizens.
B
can cause economic inequality.
C
can help promote personal wealth.
D
can be used for private businesses.
12

Critics of the wealth gap might argue that

e
economic growth will likely decline over time.
t
the upper classes cannot help create new jobs.
t
the wealthy become unable to make investments.
b
buying power exceeds the supply from producers.
13

When compared to a mixed-market economy, a command economy typically has

A
more private ownership.
B
more government control over production.
C
strong consumer-buying power.
D
a greater chance for a high income.
14

is the act of working in exchange for an income.

Answer not available
15

Gabriela owns a company that makes silk scarves. She buys the silk from an overseas supplier and is subject to a tax on imported goods. Gabriela most likely lives in

A
a closed economy with limited government regulation.
B
a pure market economy with no government regulation.
C
a command economy with heavy government regulation.
D
a mixed market economy with some government regulation.

Did you find these answers helpful?

More from this Course

Quiz
35 verified answers

Economic Systems and Daily Life

Quiz
28 verified answers

Entrepreneurship

Quiz
15 verified answers

Economic Systems and Daily Life