Market Economies + Mastery Test UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
Economies
Institution
Economies
Market Economies + Mastery Test
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Activity
Read these scenarios, and then answer the questions that follow.
Scenario 1 Harry teaches math in a school. He owns a car and a house. He loves to paint
whenever he has time. During the recent preside...
Market Economies + Mastery Test
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Activity
Read these scenarios, and then answer the questions that follow.
Scenario 1 Harry teaches math in a school. He owns a car and a house. He loves to paint
whenever he has time. During the recent presidential election, he voted for the candidate
whose economic policies he strongly believed in, such as providing incentives for people to
start their own businesses. Someday, Harry wants to open his own art gallery.
Scenario 2 Julie works at a government-owned factory. Most people in her town work in the
same factory. Julie is a born artist and aspires to own an art gallery. However, the government
restricts the number of businesses that can be started each year.
Part A
What is different about these two situations? - CORRECT ANSWER✔✔- In the first
situation, the government gives a lot of economic freedom to its citizens. In the second
situation, the government gives limited economic freedom to its citizens.
Part B
Which type of situation would you rather be in? Justify your response. - CORRECT
ANSWER✔✔- One possible answer is that the first situation is preferable because the level
of economic freedom given to citizens makes it easier for people to start their own businesses
if they want to.
Drag each label to the correct location on the table.
Label each economic system based on the characteristics listed in the table. - CORRECT
ANSWER✔✔- (left to right)
-capitalism
-socialsim
-communism
Activity
In this activity, you will analyze the economic health of four nations with varying degrees of
government control.
, Question 1
Go to the United States section of the CIA World Factbook, and read the Economy section.
After you finish reading, answer the following questions about the US economy. You may use
additional online resources of your choosing to aid in answering these questions.
Part A
What is the per capita GDP of the United States? Be sure to indicate the calendar year that
this information represents. - CORRECT ANSWER✔✔- Answers may vary depending on
when you access the site.
$54,800 (2014)
Part B
What is the unemployment rate in the United States? Be sure to indicate the calendar year
that this information represents. - CORRECT ANSWER✔✔- Answers may vary depending
on when you access the site.
6.2% (2014)
Part C
Who makes most of the economic decisions? - CORRECT ANSWER✔✔- Private individuals
and businesses make most of the economic decisions.
Part D
Most of the increase in wages has gone to what group of people? - CORRECT
ANSWER✔✔- Most of the increase in wages has gone to 20 percent of households.
Part E
What are US firms at the forefront of? - CORRECT ANSWER✔✔- US firms are at the
forefront of technological advances.
Question 2
Go to the Cuba section of the CIA World Factbook, and read the Economy section. After you
finish reading, answer the following questions about the Cuban economy. You may use
additional online resources of your choosing to aid in answering these questions.
Part A
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