AnswersEconomicsEconomic Systems and Daily Life

Economic Systems and Daily Life — Quiz Answers

18 verified answers2 views
1
Free Preview

In a mixed market economy, property owned by an individual

A
can be used by government workers.
B
can help promote personal wealth.
C
can be used by all citizens.
D
can be run by a city or state.
2
Free Preview

A wealth gap is an economic difference between

A
economic classes.
B
governments.
C
businesses.
D
nations.
3

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

A
New government-run farms and factories will open to provide work.
B
The government will intervene to appoint new jobs to workers.
C
The wealth gap between the upper and lower classes will decrease.
D
A lack of income will weaken the buying power for many people.
4

Ivan works for an automobile factory that exports cars around the world. The government manages the factory, and he lives in housing provided by the city. Ivan most likely lives in

A
a mixed market economy with some government regulation.
B
a pure market economy with no government regulation.
C
a command economy with heavy government regulation.
D
a closed economy with limited government regulation.
5

How does a high unemployment rate affect the economy?

A
A high unemployment rate has no effect.
B
A high unemployment rate has a very negative effect.
C
A high unemployment rate has a very positive effect.
D
A high unemployment rate has little effect.
6

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 command economy with heavy government regulation.
B
a pure market economy with no government regulation.
C
a closed economy with limited government regulation.
D
a mixed market economy with some government regulation.
7

In a mixed market economy, property owned by the government

A
can help promote personal wealth.
B
can be used by many citizens.
C
can be used for private businesses.
D
can cause economic inequality.
8

In a mixed market economy, a fire breaks out in a sneaker factory. The repair work most likely will be paid by

A
the government group that runs the factory.
B
the state agency that operates the factory.
C
the private citizen who owns the factory.
D
the city official who manages the factory.
9

Critics of the wealth gap might argue that

A
buying power exceeds the supply from producers.
B
the wealthy become unable to make investments.
C
the upper classes cannot help create new jobs.
D
economic growth will likely decline over time.
10

Ivan works for an automobile factory that exports cars around the world. The government manages the factory, and he lives in housing provided by the city. Ivan most likely lives in

A
a pure market economy with no government regulation.
B
a mixed market economy with some government regulation.
C
a command economy with heavy government regulation.
D
a closed economy with limited government regulation.
11

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 mixed market economy with some government regulation.
B
a closed economy with limited government regulation.
C
a command economy with heavy government regulation.
D
a pure market economy with no government regulation.
12

In a mixed market economy, a fire breaks out in a sneaker factory. The repair work most likely will be paid by

A
the city official who manages the factory.
B
the private citizen who owns the factory.
C
the state agency that operates the factory.
D
the government group that runs the factory.
13

How does a high unemployment rate affect the economy?

A
A high unemployment rate has a very negative effect.
B
A high unemployment rate has little effect.
C
A high unemployment rate has a very positive effect.
D
A high unemployment rate has no effect.
14

In a mixed market economy, property owned by the government

A
can help promote personal wealth.
B
can be used for private businesses.
C
can be used by many citizens.
D
can cause economic inequality.
15

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

A
The government will intervene to appoint new jobs to workers.
B
New government-run farms and factories will open to provide work.
C
A lack of income will weaken the buying power for many people.
D
The wealth gap between the upper and lower classes will decrease.
16

A wealth gap is an economic difference between

A
governments.
B
economic classes.
C
nations.
D
businesses.
17

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

A
Investments by the upper class create lower-class jobs.
B
Buying power sharply increases for the working class.
C
The lower classes have the opportunity to invest.
D
Poor people can easily move into the middle class.
18

In a mixed market economy, property owned by an individual

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

Did you find these answers helpful?