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Economic Systems and Daily Life Answers

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1
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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
T
The economy was getting stronger because unemployment was low.
T
The economy was getting stronger because too many manufacturing jobs were available.
T
The economy was getting weaker because employment was low.
T
The economy was getting weaker because stagflation was occuring.
2
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Critics of the wealth gap might argue that

e
economic growth will likely decline over time.
t
the upper classes cannot help create new jobs.
t
the wealthy become unable to make investments.
b
buying power exceeds the supply from producers.
3

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

T
The government will intervene to appoint new jobs to workers.
A
A lack of income will weaken the buying power for many people.
N
New government-run farms and factories will open to provide work.
T
The wealth gap between the upper and lower classes will decrease.
4

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

a
a command economy.
u
unemployment.
p
private property.
t
the wealth gap.
5

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

T
The lower classes have the opportunity to invest.
P
Poor people can easily move into the middle class.
I
Investments by the upper class create lower-class jobs.
B
Buying power sharply increases for the working class.
6

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

m
more private ownership.
m
more government control over production.
s
strong consumer-buying power.
a
a greater chance for a high income.
7

How does a high unemployment rate affect the economy?

A
A high unemployment rate has no effect.
A
A high unemployment rate has little effect.
A
A high unemployment rate has a very positive effect.
A
A high unemployment rate has a very negative effect.
8

is the act of working in exchange for an income.

Answer not available
9

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

I
In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.
I
In a command economy, citizens have more property rights. In a mixed market economy, citizens have fewer property rights.
I
In a command economy, citizens own all public property. In a mixed market economy, the government owns all private property.
I
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

o
owned by the government.
o
owned by an individual.
u
used by state officials.
u
used for taxation.

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