Economic Systems and Daily Life

Question 1

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

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Investments by the upper class create lower-class jobs.

Question 2

A wealth gap is an economic difference between

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economic classes.

Question 3

In a mixed market economy, property owned by the government

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can be used by many citizens.

Question 4

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

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

Question 5

In a mixed market economy, property owned by an individual

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can help promote personal wealth.

Question 6

This graph shows the changing unemployment rate in the United States.From 2001 to 2011, unemployment in the United States

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sharply increased.

Question 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

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a command economy with heavy government regulation.

Question 8

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

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The government can improve education to provide new opportunities for workers in the lower class.

Question 9

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?

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The economy was getting stronger because unemployment was low.

Question 10

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

Revolt · Accepted Answer

the private citizen who owns the factory.

Economic Systems and Daily Life Answers

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