AnswersLVA-Economics SPRINGEconomic Systems and Daily Life

Competition and Free Enterprise Answers

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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
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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 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.

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