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Unit 3: Latin America Economics
Test Description: 6th grade Latin America Economics
Instructions: Answer all questions to get your test result.
1) Under which economic system would factors of production MOST LIKELY be owned by government?
A
Market Economy
B
Traditional Economy
C
Command Economy
D
Mixed Econonomy
2) Cuba's economy could BEST be described as a _____________ Economy.
A
Traditional Economy
B
Command Economy
C
Mixed Economy
D
Market Economy
3) What type of economy does Brazil have?
A
mixed
B
command
C
traditonal
D
market
4) When two or more nations engage in free trade, how is the standard of living improved in the participating countries?
A
goods become cheaper, demand lowers, output decreases
B
goods become cheaper, demand rises, output increase
C
goods become more expensive, demand rises, output increases
D
goods become more expensive, demand lowers, and output decreases
5) In a capitalists economy, prices are
A
set by the central governmnet
B
used to ensure social equalitiy
C
determined by supply and demand
D
usually unfair
6) In what country would you MOST expect to find state-controlled industry, the greatest amount of restrictions on private business ownership, and the majority of the population working for the government?
A
Cuba
B
Canada
C
Brazil
D
Mexico
7) Which country has the Greatest command economy?
A
Cuba
B
United States
C
Mexico
D
Brazil
8) Which of these is a correct description of one of the ways in which command economy differs from a market economy?
A
in a market economy the government sets the prices
B
In a command economy individuals have less economic freedom
C
command economies tend to have a higher per capita GDP
D
Market economies discourage free enterprise
9) Which of these effects would most likely impact trade in a Latin America country after a natural disaster?
A
damage of country's enviroment
B
lack of shelter and food
C
pollution of fertile soil
D
loss of infrastructure and communications
10) One primary reason that trade between nations takes place is because
A
nations produce a surplus at a lower cost and export it for goods that are too costly to produce
B
no nation can be economically self-sufficient
C
resources are evenly distributed around the world
D
nations use their absolute advantage in production to monopolize international markets
11) What is the best definition of an embargo?
A
a situation of freely traded goods and services
B
the amount that can be legally imported into a country
C
the prohibiting of trade between countries
D
an increase in exports from select countries
12) Tariffs, quotas, and subsides are examples of
A
restrictive licenses
B
trade barriers
C
free trade
D
trade incentives
13) Which political trend exists in present day Latin America?
A
Most countries are becoming military juntas
B
Democracy is replacing dictatorship
C
Communism is spreading throughout the region
D
Religious leaders are making government policies
*select an answer for all questions
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