Economic Systems and Daily Life

Question 1

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 2

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 3

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 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

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a command economy with heavy government regulation.

Question 5

A wealth gap is an economic difference between

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economic classes.

Question 6

In a mixed market economy, property owned by the government

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can be used by many citizens.

Question 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?

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The economy was getting stronger because unemployment was low.

Question 8

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

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the wealth gap.

Question 9

In a mixed market economy, property owned by an individual

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can help promote personal wealth.

Question 10

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

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more government control over production.

Economic Systems and Daily Life Answers

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