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

Economic Systems and Daily Life Answers

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1
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How can the government reduce the wealth gap in a mixed market economy?

A
The government can control income levels by placing limits on how much citizens can earn.
B
The government can eliminate minimum wages for workers to account for economic differences.
C
The government can improve education to provide new opportunities for workers in the lower class.
D
The government can tax members of the wealthy class at a lower rate to address differences in income.
2
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How does a high unemployment rate affect the economy?

A
A high unemployment rate has no 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 a very negative effect.
3

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.
4

A wealth gap is an economic difference between

A
nations.
B
economic classes.
C
businesses.
D
governments.
5

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.
6

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?

Question illustration
A
about 35 percent
B
about 55 percent
C
about 80 percent
D
about 90 percent
7

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.
8

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
A lack of income will weaken the buying power for many people.
C
New government-run farms and factories will open to provide work.
D
The wealth gap between the upper and lower classes will decrease.
9

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.
10

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.

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