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Economic Systems and Daily Life Answers

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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.
2
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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
3

Critics of the wealth gap might argue that

A
economic growth will likely decline over time.
B
the upper classes cannot help create new jobs.
C
the wealthy become unable to make investments.
D
buying power exceeds the supply from producers.
4

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.
5

In a mixed market economy, a fire breaks out in a sneaker factory. The repair work most likely will be paid by

A
the government group that runs the factory.
B
the state agency that operates the factory.
C
the city official who manages the factory.
D
the private citizen who owns the factory.
6

is the act of working in exchange for an income.

Answer not available
7

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
8

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.
9

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.
10

What is one counter-argument to the premise that the wealth gap is a serious problem which needs to be addressed?

A
The lower classes have the opportunity to invest.
B
Poor people can easily move into the middle class.
C
Investments by the upper class create lower-class jobs.
D
Buying power sharply increases for the working class.

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