Economic Systems and Daily Life

Question 1

The difference in income between the richest and poorest citizens is called

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the wealth gap.

Question 2

In a mixed market economy, property owned by the government

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can be used by many citizens.

Question 3

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 4

Private property is land or goods

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owned by an individual.

Question 5

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 6

Critics of the wealth gap might argue that

Question 7

Critics of the wealth gap might argue that

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economic growth will likely decline over time.

Question 8

When compared to a mixed-market economy, a command economy typically has

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more government control over production.

Question 9

A wealth gap is an economic difference between

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economic classes.

Question 10

In a mixed market economy, property owned by an individual

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can help promote personal wealth.

Economic Systems and Daily Life Answers