Economic Systems and Daily Life - Quiz Updated 2023
Questions and Answers 100% Verified
What is one counter-argument to the premise that the wealth gap is a serious
problem which needs to be addressed?
Investments by the upper class create lower-class jobs.
Critics of the wealth gap might argue that
economic growth will likely decline over time.
The difference in income between the richest and poorest citizens is called
the wealth gap.
____________ is the act of working in exchange for an income.
Employment
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 command economy with heavy government regulation.
Private property is land or goods
owned by an individual.
In a mixed market economy, a fire breaks out in a sneaker factory. The repair
work most likely will be paid by
the private citizen who owns the factory.
Gabriela owns a company that makes silk scarves. She buys the silk from an
overseas supplier and is subject to a tax on imported goods. Gabriela most likely
lives in
a mixed market economy with some government regulation.
When compared to a mixed-market economy, a command economy typically has
more government control over production.
How can the government reduce the wealth gap in a mixed market economy?
The government can improve education to provide new opportunities for workers in the
lower class.
In a mixed market economy, property owned by an individual
can help promote personal wealth.
What is one possible effect of high unemployment in a mixed market economy?
A lack of income will weaken the buying power for many people.
Questions and Answers 100% Verified
What is one counter-argument to the premise that the wealth gap is a serious
problem which needs to be addressed?
Investments by the upper class create lower-class jobs.
Critics of the wealth gap might argue that
economic growth will likely decline over time.
The difference in income between the richest and poorest citizens is called
the wealth gap.
____________ is the act of working in exchange for an income.
Employment
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 command economy with heavy government regulation.
Private property is land or goods
owned by an individual.
In a mixed market economy, a fire breaks out in a sneaker factory. The repair
work most likely will be paid by
the private citizen who owns the factory.
Gabriela owns a company that makes silk scarves. She buys the silk from an
overseas supplier and is subject to a tax on imported goods. Gabriela most likely
lives in
a mixed market economy with some government regulation.
When compared to a mixed-market economy, a command economy typically has
more government control over production.
How can the government reduce the wealth gap in a mixed market economy?
The government can improve education to provide new opportunities for workers in the
lower class.
In a mixed market economy, property owned by an individual
can help promote personal wealth.
What is one possible effect of high unemployment in a mixed market economy?
A lack of income will weaken the buying power for many people.
