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Lat Am Econ Quiz Review
Test Description: Econ review of Lat am
Instructions: Answer all questions to get your test result.
1) 17. As a result of the Cuban Revolution, the United States refused to trade with Cuba. What type of trade barrier does this illustrate?
A
embargo
B
blockade
C
quota
D
tariff
2) 15. Which statement reflects how Mexico’s economic system answers the economic question of how to produce?
A
A) Businesses decide how to produce all goods.
B
B) People produce goods based on how their ancestors did.
C
D) Businesses decide how to produce goods, but the government regulates certain industries.
D
C) The government decides how to produce all goods and services.
3) The economic system of communist countries is most closely related to which of the following:
A
traditional
B
command
C
mixed
D
market
4) The relationship between the literacy rate and standard of living in Latin America is
A
A Literacy rate has no effect on the standard of living.
B
D. Low literacy rate creates a higher standard of living.
C
B. The higher the literacy rate the higher the standard of living.
D
C. The standard of living is independent of literacy rate.
5) What do the economic systems of the Brazil, Mexico, Canada have in common?
A
D. All are examples of command economies.
B
A. All are examples of pure market economies. B. All are examples of mixed economies. C. All are examples of traditional econ
C
C. All are examples of traditional econ
D
B. All are examples of mixed economies.
6) The literacy rate for the region of Latin America is 90%. In the country of Haiti, the literacy rate is 51%. Which statement best reflects these factors of economic growth in Haiti?
A
D. Haiti’s high investment in human capital lowers the GDP per capita.
B
B. Haiti has greater opportunity for other capital investments than education.
C
C. Haiti’s GDP per capita would decrease if there was more investment in human capital.
D
A. Haiti’s low investment in human capital lowers the GDP per capita.
7) 15. Brazil is building new factories and using newer technology. These are examples of
A
B. Gross domestic product.
B
D. Investment in capital goods.
C
A. opportunity costs.
D
C. Investment in human capital.
8) What organization replaced NAFTA?
A
ESPN
B
USMCA
C
NATO
D
League of Nations
9) 19. Out of the countries below, which Latin American country leans closest toward a command economy?
A
Cuba
B
Mexico
C
Colombia
D
Brazil
10) 20. How is the economic system of Mexico similar to the economic system of Brazil?
A
A) Both countries depend on subsistence farming as the primary source of income.
B
B) Both countries allow consumers to dictate the prices of goods and services.
C
D) Both countries have a combination of privately owned businesses and government owned businesses.
D
C) Both countries allow the government to determine what products are produced and sold.
11) Which statement most accurately describes the role of entrepreneurship in Latin America?
A
Entrepreneurship is rapidly growing since the government does not regulate or tax new businesses.
B
Entrepreneurship is growing but there are many government obstacles and taxes entrepreneurs must face
C
Entrepreneurship is declining since many Latin Americans are finding government jobs.
D
Many Latin America governments give entrepreneurs generous tax breaks and incentives to start new businesses.
12) Which of the following is a goal of the North American Free Trade Agreement (NAFTA) and the United States-Mexico-Canada Agreement (USMCA)?
A
make foreign goods more expensive
B
create strict and unfair conditions for workers traveling throughout North America
C
restrict trade between non-member countries
D
expand the market for all goods and services
13) an illegal trade network dealing in controlled, illegal, or scarce products
A
migrant worker
B
privatize
C
black market
D
nationalize
14) to give ownership of a business or industry to the government
A
privatize
B
black market
C
nationalize
D
migrant worker
15) to remove something from government control and place it under private control or ownership
A
privatize
B
nationalize
C
migrant worker
D
black market
16) the business or industry of providing information, accommodations, and other services to people traveling to places of interest
A
tourism
B
free trade
C
exchange rate
D
communism
17) An economic system Based on long-standing customs and values and focuses on producing necessities like food and clothing.
A
Command
B
Mixed
C
traditional
D
Market
18) An economic system Dictated by government controls and regulations.
A
traditional
B
mixed
C
command
D
market
19) An economic system Based on what consumers want to buy and producers want to sell (supply and demand).
A
traditional
B
command
C
market
D
mixed
20) Command + Market = _________________
A
mixed
B
traditional
C
market
D
command
*select an answer for all questions
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