Latin America Economics 6th Grade Question Preview (ID: 40984)
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How does specialization encourage trade between two countries?
a) Specialization produces such an abundance of one product that a country is forced to trade.
b) Specialization creates diversity of products in one country and very few products in others
c) Specialization utilizes different natural resources that are shared between multiple countries
d) Specialization allows for countries to master one product and sell it to other countries that may need it.
What is the purpose of a tariff?
a) increase prices of imported goods and protect a country's own industries from foreign competition
b) to decrease the prices of imported goods so a country's people can buy what they need for the lowest price
c) to increase the prices of exported goods so a country's own businesses are less likely to send their products to other nation
d) to decrease the prices of exported goods so people in other countries will buy the foreign nation's product over the USA's
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's low investment in human capital lowers the GDP.
b) Haiti has greater opportunity for other capital investments than education.
c) Haiti's GDP per capita would decrease if there was more investment in human capital
d) Haiti's high investment in human capital lowers the GDP per capita.
What is the best indication that a country's standard of living is improving?
a) saving the rainforest
b) increased pollution
c) higher literacy rates
d) less international trade
What type of economy does Cuba have?
a) mixed
b) command
c) market
d) traditional
Why is entrepreneurship important to a country's economy?
a) improve schools
b) provide better health care
c) invest in capital goods
d) build highways
Physical capital is always
a) computers
b) cars
c) man made
d) from nature
Globalization _________ nations
a) separates
b) links
c) destroys
d) damages
Why is specialization important to a region?
a) The can trade what they produce for things the don't produce.
b) They can buy what they specialize in.
c) They can sell what others specialize in.
d) They can import what they specialize in.
A market economy is very different from a command economy. Which of the following is found in a market economy?
a) competition
b) guaranteed yearly pay raises
c) government control of industry
d) government control of agriculture
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