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?
a. The lower classes have the opportunity to invest.
b. Poor people can easily move into the middle class.
c. Investments by the upper class create lower-class jobs.
d. Buying power sharply increases for the working class.
c. Investments by the upper class create lower-class jobs.
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.
b. owned by an individual.
How can the government reduce the wealth gap in a mixed market economy?
a. The government can control income levels by placing limits on how much
citizens can earn.
b. The government can eliminate minimum wages for workers to account for
economic differences.
c. The government can improve education to provide new opportunities for
workers in the lower class.
d. The government can tax members of the wealthy class at a lower rate to
address differences in income.
c. The government can improve education to provide new opportunities for workers in
the lower class.
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.
b. A lack of income will weaken the buying power for many people.
How does a high unemployment rate affect the economy?
a. A high unemployment rate has no effect.
b. A high unemployment rate has little effect.
c. A high unemployment rate has a very positive effect.
d. A high unemployment rate has a very negative effect.
d. A high unemployment rate has a very negative effect.
A wealth gap is an economic difference between
a. nations.
b. economic classes.
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?
a. The lower classes have the opportunity to invest.
b. Poor people can easily move into the middle class.
c. Investments by the upper class create lower-class jobs.
d. Buying power sharply increases for the working class.
c. Investments by the upper class create lower-class jobs.
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.
b. owned by an individual.
How can the government reduce the wealth gap in a mixed market economy?
a. The government can control income levels by placing limits on how much
citizens can earn.
b. The government can eliminate minimum wages for workers to account for
economic differences.
c. The government can improve education to provide new opportunities for
workers in the lower class.
d. The government can tax members of the wealthy class at a lower rate to
address differences in income.
c. The government can improve education to provide new opportunities for workers in
the lower class.
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.
b. A lack of income will weaken the buying power for many people.
How does a high unemployment rate affect the economy?
a. A high unemployment rate has no effect.
b. A high unemployment rate has little effect.
c. A high unemployment rate has a very positive effect.
d. A high unemployment rate has a very negative effect.
d. A high unemployment rate has a very negative effect.
A wealth gap is an economic difference between
a. nations.
b. economic classes.
