Economic Systems and Daily Life

Question 1

Critics of the wealth gap might argue that

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economic growth will likely decline over time.

Question 2

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 3

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 4

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 5

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 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

is the act of working in exchange for an income.

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

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 10

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

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the wealth gap.

Economic Systems and Daily Life Answers

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