Economic Systems and Daily Life

Question 1

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 2

In a mixed market economy, property owned by an individual

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can help promote personal wealth.

Question 3

How does a command economy differ from a mixed market economy?

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In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.

Question 4

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 5

In a mixed market economy, property owned by the government

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can be used by many citizens.

Question 6

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 7

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 8

Private property is land or goods

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owned by an individual.

Question 9

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

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the wealth gap.

Question 10

Critics of the wealth gap might argue that

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economic growth will likely decline over time.

Economic Systems and Daily Life Answers

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