Economic Systems and Daily Life — Quiz

Question 1

In a mixed market economy, property owned by an individual

Revolt · Accepted Answer

can help promote personal wealth.

Question 2

A wealth gap is an economic difference between

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economic classes.

Question 3

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

Revolt · Accepted Answer

A lack of income will weaken the buying power for many people.

Question 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

Revolt · Accepted Answer

a command economy with heavy government regulation.

Question 5

How does a high unemployment rate affect the economy?

Revolt · Accepted Answer

A high unemployment rate has a very negative effect.

Question 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

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a mixed market economy with some government regulation.

Question 7

In a mixed market economy, property owned by the government

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can be used by many citizens.

Question 8

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

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the private citizen who owns the factory.

Question 9

Critics of the wealth gap might argue that

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economic growth will likely decline over time.

Question 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

Revolt · Accepted Answer

a command economy with heavy government regulation.

Economic Systems and Daily Life — Quiz Answers

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