Unit 8

8 March 2023
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12 test answers

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question
A pure market economy is sometimes called pure __________.
answer
Capitalism
question
In a competitive market, an electronics company releases a smartphone that is much faster than older models. This is an example of: following a federal regulation. lowering prices for customers. reducing the risk for consumers. creating an innovative product.
answer
Creating an innovative product.
question
Which situation best reflects the concept of free enterprise? Consumers have a choice between two bakeries in a single city block. An agency determines which supplements are safe for people to buy. Local officials set the prices for all the gas stations in a community. The government decides the minimum wage for all airline workers.
answer
Consumers have a choice between two bakeries in a single city block.
question
What role do government agencies play in a mixed market economy? They run shipping companies and other sources of distribution. They own farms, factories, and other sources of production. They regulate some aspects of production and distribution. They employ most of the workers in the economic system.
answer
They regulate some aspects of production and distribution.
question
What are some ways to address unemployment in a market economy? Select three answers. creating new projects increasing regulation lowering restrictions raising more taxes promoting hiring
answer
Creating new projects Lowering restrictions Promoting hiring
question
The government has the right to own all land, buildings, and factories in a: closed economy. command economy. mixed market economy. pure market economy.
answer
Command economy.
question
What are some benefits to private ownership? Select three answers. Private ownership provides offices for government workers. Private ownership provides land or goods for all citizens to use. Private ownership can make it possible for a business to earn money. Private ownership might help a person move to another economic class. Private ownership allows a person to own goods that may increase in value.
answer
Private ownership can make it possible for a business to earn money. Private ownership might help a person move to another economic class. Private ownership allows a person to own goods that may increase in value.
question
In a command economy, a cotton farm floods after a heavy storm. The repair work most likely will be paid by: the private business that operates the farm. the government group that runs the farm. the individual who manages the farm. the family who owns the farm.
answer
The government group that runs the farm.
question
In the free-enterprise system of the United States, the government: makes no economic decisions. makes some economic decisions. makes most economic decisions. makes all economic decisions.
answer
Makes some economic decisions.
question
"Everyone's rights should be protected" is an argument: for competition. against competition. for regulation. against regulation.
answer
For regulation.
question
What are the cons of a mixed market economy for most citizens? CHECK ALL THAT APPLY. There may be a sizable gap between rich and poor people. It can be very difficult for citizens to start private businesses. Citizens must pay for most basic necessities by themselves. There is no guarantee of steady employment for many citizens. Citizens may pay higher taxes than in other economic systems. Citizens often purchase their own health care and higher education.
answer
There may be a sizable gap between rich and poor people. Citizens must pay for most basic necessities by themselves. There is no guarantee of steady employment for many citizens. Citizens often purchase their own health care and higher education.
question
In a republic, elected officials create ____ to regulate the economy.
answer
Laws