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Economic Systems and Daily Life Answers

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1
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Which statement best describes a pure market economy?

A
Producer intervention in economic choices is strictly forbidden.
B
The government determines economic choices and makes most decisions.
C
The decisions made by producers and consumers drive all economic choices.
D
Producers and consumers make some economic choices while the government makes others.
2
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A command economy tends to exist under a

d
democratic government that provides little regulation.
s
socialist government that provides some regulation.
r
representative government that provides no regulation.
c
communist government that provides a lot of regulation.
3

What restriction would the government impose in a closed economy?

T
The government would prohibit trade with other nations.
T
The government would set the prices for imported goods.
T
The government would preserve traditional customs only.
T
The government would prevent private ownership of property.
4

How does the government of a republic typically shape its economy?

A
The government allows citizens to own private businesses.
B
The government blocks the ownership of personal property.
C
The government owns all homes and other forms of housing.
D
The government controls factories and other forms of production.
5

What are the pros of a mixed market economy for most citizens? Select three answers.The government provides most basic necessities for citizens.There is a great deal of independence and personal choice.There may be less of a gap between rich and poor people.The government cannot dictate which jobs citizens hold.There may be greater opportunity to become wealthy.The economic system works to promote equality.

A
The government provides most basic necessities for citizens.
B
There is a great deal of independence and personal choice.
C
There may be less of a gap between rich and poor people.
D
The government cannot dictate which jobs citizens hold.
E
There may be greater opportunity to become wealthy.
F
The economic system works to promote equality.
6

What is one way a command economy affects the lives of private citizens?

A
Citizens cannot make most economic decisions.
B
Citizens can only work in factories or on farms.
C
Citizens must pay for their own health care.
D
Citizens have limited access to education.
7

best

G
Government intervention in economic choices is strictly forbidden.
T
The government determines economic choices and makes most decisions.
T
The decisions made by producers and consumers drive all economic choices.
P
Producers and consumers make some economic choices while the government makes others.
8

A mixed market economy tends to exist under a

c
communist government that provides little regulation.
d
democratic government that provides some regulation.
r
representative government that provides no regulation.
s
socialist government that provides a lot of regulation.
9

How does the economy of Cuba differ from the economy of North Korea?

A
In North Korea, the government’s control of the economy has begun to loosen. In Cuba, the government maintains a tight hold over the economy.
B
In Cuba, the government’s control of the economy has begun to loosen. In North Korea, the government maintains a tight hold over the economy.
C
In North Korea, there is economic uncertainty in exchange for individual choice. In Cuba, there is economic security in exchange for government control.
D
In Cuba, there is economic uncertainty in exchange for individual choice. In North Korea, there is economic security in exchange for government control.
10

Read the paragraph below, and then decide which type of economy is being described.In this economy, community members typically use simple tools to plant and harvest crops. Food supplies are supplemented by hunting animals and gathering plant materials. Members trade with each other to obtain needed goods, as few people hold currency. Little economic growth occurs.What type of economy is being described?

A
a traditional economy
B
a free market economy
C
a mixed-market economy
D
a command economy

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