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Economic Systems and Daily Life Answers

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

A
In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.
B
In a command economy, citizens have more property rights. In a mixed market economy, citizens have fewer property rights.
C
In a command economy, citizens own all public property. In a mixed market economy, the government owns all private property.
D
In a command economy, citizens own all private property. In a mixed market economy, the government owns all public property
2
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How can the government reduce the wealth gap in a mixed market economy?

A
The government can control income levels by placing limits on how much citizens can earn.
B
The government can eliminate minimum wages for workers to account for economic differences.
C
The government can improve education to provide new opportunities for workers in the lower class.
D
The government can tax members of the wealthy class at a lower rate to address differences in income.
3

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

A
more private ownership.
B
more government control over production.
C
strong consumer-buying power.
D
a greater chance for a high income.
4

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

A
a command economy.
B
unemployment.
C
private property.
D
the wealth gap.
5

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?

Question illustration
A
The economy was getting stronger because unemployment was low.
B
The economy was getting stronger because too many manufacturing jobs were available.
C
The economy was getting weaker because employment was low.
D
The economy was getting weaker because stagflation was occuring.
6

This graph shows the changing unemployment rate in the United States.From 2001 to 2011, unemployment in the United States

Question illustration
A
stayed the same.
B
slightly changed.
C
sharply increased.
D
sharply decreased.
7

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

A
a closed economy with limited government regulation.
B
a pure market economy with no government regulation.
C
a command economy with heavy government regulation.
D
a mixed market economy with some government regulation.
8

What is one possible effect of high unemployment in a mixed market economy?

A
The government will intervene to appoint new jobs to workers.
B
A lack of income will weaken the buying power for many people.
C
New government-run farms and factories will open to provide work.
D
The wealth gap between the upper and lower classes will decrease.
9

Private property is land or goods

A
owned by the government.
B
owned by an individual.
C
used by state officials.
D
used for taxation.
10

This graph shows the division of wealth in the United States in 2010.Based on this graph, how much wealth did the top 20 percent of the population hold?

Question illustration
A
about 35 percent
B
about 55 percent
C
about 80 percent
D
about 90 percent

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