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
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How can the government reduce the wealth gap in a mixed market economy?
How can the government reduce the wealth gap in a mixed market economy?
The government can control income levels by placing limits on how much citizens can earn
. … The government can tax members of the wealthy class at a lower rate to address differences in income.
What might Critics of the wealth gap argue?
Critics of the wealth gap might argue that: …
the wealthy become unable to make investments
. buying power exceeds the supply from producers. Economic growth will likely decline over time.
What is one possible effect high unemployment in a mixed market economy?
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
.
What restriction would the government impose in a closed economy?
What restriction would the government impose in a closed economy? The
government would prohibit trade with other nations
.
Which type of economy is criticized for high taxes?
Capitalism is an economic system under which the means of production are privately owned. Production and consumer prices are based on a free-market system of “supply and demand.”
Socialism
is most often criticized for its provision of social services programs requiring high taxes that may decelerate economic growth.
What is one downside for consumers to competition in a free enterprise system?
What is one downside to competition in a free-enterprise system?
Consumers must be knowledgeable
. some restrictions on business ownership and business activity. … Regulation is the placing of limits or restrictions on business activity by the government.
How much wealth did the top 20% of the population hold?
The top 20% of Americans owned
86% of the country’s wealth
and the bottom 80% of the population owned 14%.
Who decides how resources will be used?
In a command economy, resources and businesses are owned by
the government
. The government decides what goods and services will be produced and what prices will be charged for them. The government decides what methods of production will be used and how much workers will be paid.
What is one possible effect of high unemployment in a mixed market economy the government will intervene to appoint new jobs to workers a lack of in?
The one possible effect of high unemployment in a mixed market economy would be that
the lack of income will weaken the buying power of many
.
What is one way a command economy affects the lives of private citizens quizlet?
What is one way a command economy affects the lives of private citizens?
Citizens cannot make most economic decisions. Citizens can only work in factories or on farms
. … Citizens cannot make most economic decisions.
What are the three economic questions deals with deciding?
One of the three economic questions deals with deciding:
what goods and services should be produced. what the costs of production should be
. how goods and services will be marketed.
What are the pros of a mixed market economy for most citizens?
What are the pros of a mixed market economy for most citizens?
There is a great deal of independence and personal choice
. The government cannot dictate which jobs citizens hold. There may be greater opportunity to become wealthy.
Which best describes the economic system of most nations?
The Government determines economic choices and makes most decisions statement best describes a
command economy
.
What kind of economy uses a free enterprise system?
market economy
is the economy related to the decisions of producers for the market supply. that’s why the answer to your question is option C]…a market economy uses a free enterprise system.
What is one way that technology can improve the distribution of goods quizlet?
What is one way that technology can improve the distribution of goods?
Workers can take Internet classes to gain new skills
. Automation can create goods more cheaply and easily. … Container ships can transport a number of goods at once.
