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Latin America Economics 6th Grade
Test Description: Review for Economics test
Instructions: Answer all questions to get your test result.
1) How does specialization encourage trade between two countries?
A
Specialization utilizes different natural resources that are shared between multiple countries
B
Specialization creates diversity of products in one country and very few products in others
C
Specialization allows for countries to master one product and sell it to other countries that may need it.
D
Specialization produces such an abundance of one product that a country is forced to trade.
2) What is the purpose of a tariff?
A
to increase the prices of exported goods so a country's own businesses are less likely to send their products to other nation
B
to decrease the prices of exported goods so people in other countries will buy the foreign nation's product over the USA's
C
to decrease the prices of imported goods so a country's people can buy what they need for the lowest price
D
increase prices of imported goods and protect a country's own industries from foreign competition
3) The literacy rate in Haiti is 61%. However the literacy rate in all of Latin America is 90%. What statement best reflects these factors of economic growth in Haiti?
A
Haiti has greater opportunity for other capital investments than education.
B
Haiti's low investment in human capital lowers the GDP.
C
Haiti's high investment in human capital lowers the GDP per capita.
D
Haiti's GDP per capita would decrease if there was more investment in human capital
4) What is the best indication that a country's standard of living is improving?
A
less international trade
B
saving the rainforest
C
higher literacy rates
D
increased pollution
5) What type of economy does Cuba have?
A
mixed
B
command
C
traditional
D
market
6) Why is entrepreneurship important to a country's economy?
A
provide better health care
B
invest in capital goods
C
build highways
D
improve schools
7) Physical capital is always
A
cars
B
man made
C
computers
D
from nature
8) Globalization _________ nations
A
destroys
B
separates
C
links
D
damages
9) Why is specialization important to a region?
A
They can import what they specialize in.
B
The can trade what they produce for things the don't produce.
C
They can sell what others specialize in.
D
They can buy what they specialize in.
10) A market economy is very different from a command economy. Which of the following is found in a market economy?
A
guaranteed yearly pay raises
B
government control of industry
C
competition
D
government control of agriculture
*select an answer for all questions
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