Lat Am Econ Quiz Review Question Preview (ID: 60936)


Econ Review Of Lat Am. TEACHERS: click here for quick copy question ID numbers.

Command + Market = _________________
a) traditional
b) command
c) market
d) mixed

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

An economic system Dictated by government controls and regulations.
a) traditional
b) command
c) market
d) mixed

An economic system Based on long-standing customs and values and focuses on producing necessities like food and clothing.
a) traditional
b) Command
c) Market
d) Mixed

the business or industry of providing information, accommodations, and other services to people traveling to places of interest
a) communism
b) tourism
c) free trade
d) exchange rate

to remove something from government control and place it under private control or ownership
a) black market
b) migrant worker
c) privatize
d) nationalize

to give ownership of a business or industry to the government
a) black market
b) privatize
c) nationalize
d) migrant worker

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.

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) expand the market for all goods and services
c) create strict and unfair conditions for workers traveling throughout North America
d) restrict trade between non-member countries

What organization replaced NAFTA?
a) NATO
b) League of Nations
c) USMCA
d) ESPN

19. Out of the countries below, which Latin American country leans closest toward a command economy?
a) Brazil
b) Colombia
c) Cuba
d) Mexico

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) C) Both countries allow the government to determine what products are produced and sold.
d) D) Both countries have a combination of privately owned businesses and government owned businesses.

an illegal trade network dealing in controlled, illegal, or scarce products
a) privatize
b) nationalize
c) black market
d) migrant worker

15. Brazil is building new factories and using newer technology. These are examples of
a) A. opportunity costs.
b) B. Gross domestic product.
c) C. Investment in human capital.
d) D. Investment in capital goods.

What do the economic systems of the Brazil, Mexico, Canada have in common?
a) D. All are examples of command economies.
b) C. All are examples of traditional econ
c) B. All are examples of mixed economies.
d) A. All are examples of pure market economies. B. All are examples of mixed economies. C. All are examples of traditional econ

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) A. Haiti’s low 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) D. Haiti’s high investment in human capital lowers the GDP per capita.

The economic system of communist countries is most closely related to which of the following:
a) traditional
b) market
c) mixed
d) command

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) blockade
b) quota
c) embargo
d) tariff

15. Which statement reflects how Mexico’s economic system answers the economic question of how to produce?
a) D) Businesses decide how to produce goods, but the government regulates certain industries.
b) C) The government decides how to produce all goods and services.
c) B) People produce goods based on how their ancestors did.
d) A) Businesses decide how to produce all goods.

The relationship between the literacy rate and standard of living in Latin America is
a) D. Low literacy rate creates a higher standard of living.
b) C. The standard of living is independent of literacy rate.
c) B. The higher the literacy rate the higher the standard of living.
d) A Literacy rate has no effect on the standard of living.

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