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Economic Systems and Daily Life Answers

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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.
2
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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.
4

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.
5

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.
6

How does a high unemployment rate affect the economy?

A
A high unemployment rate has no effect.
B
A high unemployment rate has little effect.
C
A high unemployment rate has a very positive effect.
D
A high unemployment rate has a very negative effect.
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

What is the best definition of ownership?

A
Ownership is the right to possess land or goods.
B
Ownership is the right to possess land alone.
C
Ownership is the right to purchase land or goods.
D
Ownership is the right to purchase goods alone.
9

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.
10

In a mixed market economy, property owned by an individual

A
can be used by all citizens.
B
can be run by a city or state.
C
can help promote personal wealth.
D
can be used by government workers.

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