Question 1 refers to the following cartoon.
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Questions 2 through 5 refer to the following information.
Societies organize and manage the production and distribution of goods and services through various economic systems. Five types of economic systems are listed below.
market economy—a system in which the means of production are privately owned, and things such as price and income distribution are decided in the marketplacecommand economy—a system in which government, by owning the means of production and setting economic goals through central planning, decides the fundamental economic questionsmixed economy—a system that combines some elements of the market economy, such as private ownership of property, with some elements of the command economy, such as limited government regulationdemocratic socialist economy—a type of mixed economy that blends private ownership with democratically elected government ownership of resources. It combines free-market determination of supplies and prices with a government social welfare system.traditional economy—a system in which economic decisions are based on what has been done in the past; usually found in smaller, poorer societies
Questions 6 and 7 refer to the following information and graph.
By the end of the twentieth century, women made up approximately 50 percent of the workforce. Also, more and more jobs began to require higher levels of education. Jobs requiring less than a high school education either declined or showed very slow growth.
Questions 8 and 9 refer to the following information.
In the economic war, the challengers change constantly. On the retail battleground, powerful merchants such as Sears and JCPenney have lost ground to discount chains like Target, Wal-Mart, and Kmart. Corporate heavyweights like Montgomery Ward were felled. In the auto arena, the Chrysler Corporation almost went bankrupt while General Motors, Ford, and AMC lost sales to foreign companies that heeded the demand of American buyers for fuel-efficient cars. On the office machinery front, Xerox, which had dominated the market for photocopying equipment, is fending off competition from a host of Japanese firms and smaller American companies. Even IBM is barraged by competition from new entries and old rivals in the computer field.
Question 10 refers to the following information and graph.
Gross Domestic Product (GDP) is the value of all things produced in a nation in one year. GDP is, as one economist put it, a crude yardstick for measuring national well-being.