Economic Systems And Daily Life

In a mixed market economy, a fire breaks out in a sneaker factory. The repair work most likely will be paid by: the government group that runs the factory. the state agency that operates the factory. the city official who manages the factory. the private citizen who owns the factory.

When compared to a mixed-market economy, a command economy typically has: more private ownership. more government control over production. strong consumer-buying power. a greater chance for a high income.

In a mixed market economy, property owned by the government: can be used by many citizens. can cause economic inequality. can help promote personal wealth. can be used for private businesses.

How does a high unemployment rate affect the economy? A high unemployment rate has no effect. A high unemployment rate has little effect. A high unemployment rate has a very positive effect. A high unemployment rate has a very negative effect.

What is one counter-argument to the premise that the wealth gap is a serious problem which needs to be addressed? The lower classes have the opportunity to invest. Poor people can easily move into the middle class. Investments by the upper class create lower-class jobs. Buying power sharply increases for the working class.

Private property is land or goods: owned by the government. owned by an individual. used by state officials. used for taxation.

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 closed economy with limited government regulation. a pure market economy with no government regulation. a command economy with heavy government regulation. a mixed market economy with some government regulation.

A wealth gap is an economic difference between: nations. economic classes. businesses. governments.

Critics of the wealth gap might argue that: economic growth will likely decline over time. the upper classes cannot help create new jobs. the wealthy become unable to make investments. buying power exceeds the supply from producers.

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 closed economy with limited government regulation. a pure market economy with no government regulation. a command economy with heavy government regulation. a mixed market economy with some government regulation.