Economic Systems and Daily Life

Question 1

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

Revolt · Accepted Answer

a command economy with heavy government regulation.

Question 2

Critics of the wealth gap might argue that

Revolt · Accepted Answer

economic growth will likely decline over time.

Question 3

What is the best definition of ownership?

Revolt · Accepted Answer

Ownership is the right to possess land or goods.

Question 4

is the act of working in exchange for an income.

Question 5

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

Revolt · Accepted Answer

more government control over production.

Question 6

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

Revolt · Accepted Answer

the wealth gap.

Question 7

How does a high unemployment rate affect the economy?

Revolt · Accepted Answer

A high unemployment rate has a very negative effect.

Question 8

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?

Revolt · Accepted Answer

The economy was getting stronger because unemployment was low.

Question 9

In a mixed market economy, property owned by an individual

Revolt · Accepted Answer

can help promote personal wealth.

Question 10

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

Revolt · Accepted Answer

a mixed market economy with some government regulation.

Economic Systems and Daily Life Answers

More from this Course

TRY EDGENUITY HACKS