AnswersSS57 Principles and Practices of EconomicsEconomic Systems (continued)

Economic Systems and Daily Life Answers

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1
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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.
2
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In a mixed market economy, property owned by the government

A
can be used by many citizens.
B
can cause economic inequality.
C
can help promote personal wealth.
D
can be used for private businesses.
3

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
4

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.
5

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.
6

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.
7

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.
8

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.
9

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
10

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.

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