Economic Systems and Daily Life Answers
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What is one counter-argument to the premise that the wealth gap is a serious problem which needs to be addressed?
A
The lower classes have the opportunity to invest.B
Poor people can easily move into the middle class.C
Investments by the upper class create lower-class jobs.D
Buying power sharply increases for the working class.2
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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 property3
A wealth gap is an economic difference between
A
nations.B
economic classes.C
businesses.D
governments.4
This graph shows the division of wealth in the United States in 2010.Based on this graph, how much wealth did the top 20 percent of the population hold?
A
about 35 percentB
about 55 percentC
about 80 percentD
about 90 percent5
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 city official who manages the factory.D
the private citizen who owns the factory.6
Private property is land or goods
A
owned by the government.B
owned by an individual.C
used by state officials.D
used for taxation.7
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 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?
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