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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
Command Economy
B
Market Economy
C
Traditional Economy
D
Mixed Econonomy
2) Cuba's economy could BEST be described as a _____________ Economy.
A
Traditional Economy
B
Market Economy
C
Command Economy
D
Mixed Economy
3) What type of economy does Brazil have?
A
mixed
B
traditonal
C
market
D
command
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 lowers, and output decreases
D
goods become more expensive, demand rises, output increases
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
Brazil
B
Canada
C
Cuba
D
Mexico
7) Which country has the Greatest command economy?
A
United States
B
Mexico
C
Brazil
D
Cuba
8) Which of these is a correct description of one of the ways in which command economy differs from a market economy?
A
command economies tend to have a higher per capita GDP
B
In a command economy individuals have less economic freedom
C
Market economies discourage free enterprise
D
in a market economy the government sets the prices
9) Which of these effects would most likely impact trade in a Latin America country after a natural disaster?
A
lack of shelter and food
B
pollution of fertile soil
C
loss of infrastructure and communications
D
damage of country's enviroment
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
resources are evenly distributed around the world
C
no nation can be economically self-sufficient
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
an increase in exports from select countries
C
the prohibiting of trade between countries
D
the amount that can be legally imported into a country
12) Tariffs, quotas, and subsides are examples of
A
trade barriers
B
trade incentives
C
restrictive licenses
D
free trade
13) Which political trend exists in present day Latin America?
A
Most countries are becoming military juntas
B
Religious leaders are making government policies
C
Democracy is replacing dictatorship
D
Communism is spreading throughout the region
*select an answer for all questions
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