Which one is an example of specialization?

A factory focuses on producing one/two types of goods it is good at doing.

Which of the following would reflect Brazil's mixed economy?

A combination of privately-owned businesses and government regulations.

What is one of the main reasons for people to exchange currency?

to buy and sell goods and services with other countries

What is the purpose of a quota?

To place a limit on imported goods so that citizens buy more local goods.

Why are most economies referred to as “mixed economies”?

Most countries have aspects of both market and command economies.

Why does specialization make trade between countries easier?

Countries produce what they make best and trade with for what they need.

Which of the following is NOT an economic problem that Cuba currently faces?

Low investment in human capital

What is the purpose of a tariff?

To raise the price of foreign goods in order to make a local good cheaper

What is one way that Brazil has invested in developing its human capital?

Providing free public education for students.

Match gross domestic product (GDP) with the situation in Latin America:

Most countries have a low GDP per capita and a low standard of living.

What would MOST LIKELY be the reason that Cuba’s literacy rate does not match its standard of living?

Cuba has a Communist government that controls its economy.

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Economics of Latin America

30 termsStudBud Administration983 plays

SS6E1 Analyze different economic systems. SS6E2 Give examples of how voluntary trade benefits buyers and sellers in Latin America. SS6E3 Describe factors that influence economic growth and examine their presence or absence in Brazil, Cuba, and Mexico.

Flashcards30 cardsFPractice quizPHost liveL

Questions 30

Answers

1
Which country's economic system is being described in the list below:
None of the above
Cuba
Brazil
Mexico
2
Mexico has an economic system that is 67% free and 33% command. Where is Mexico located on the economic continuum?
Letter D
Letter A
Letter B
Letter C
3
What factor of production is represented by the chart below?
Human Capital
Entrepreneurship
Capital Goods
Natural Resources
4
Which one is an example of specialization?
A business makes many different types of products.
A country buys all the goods it needs from other countries.
A factory focuses on producing one/two types of goods it is good at doing.
A violin maker completes the entire process of making a violin by himself.
5
Which of the following would reflect Brazil's mixed economy?
A combination of privately-owned businesses and government regulations.
The country’s distribution of resources is based on inheritance.
Prices and wages are solely regulated by the country’s government.
All economic decisions are based on customs and beliefs of ancestors.
6
What is one of the main reasons for people to exchange currency?
to have foreign money
to use American dollars to trade
to make more money by trading currencies
to buy and sell goods and services with other countries
7
What is the purpose of a quota?
To place a limit on imported goods so that citizens buy more local goods.
The purpose is to punish rogue nations for safety reasons.
To raise the price of foreign goods in order to make a local good cheaper
The purpose is to block trade with another nation.
8
Why are most economies referred to as “mixed economies”?
Most countries have aspects of both market and command economies.
There are not any traditional economic systems left.
Government planners no longer have complete control over command systems.
Economic poverty is too great in a pure market system.
9
Why does specialization make trade between countries easier?
A country’s economy will never go through hard times if they specialize.
The competition between countries will not exist.
Countries produce what they make best and trade with for what they need.
There is always a supply of goods on the market so trade is not needed.
10
Which characteristic BEST describes Mexico's economy?
Pure Market
Command-leaning
Market-leaning
Traditional
11
Which Latin American country has a command-leaning economic system?
The country at Letter D
The country at Letter B
The country at Letter A
The country at Letter C
12
During the 1960s, the United States placed an embargo on this country in response to its ties to Communism.
The country at Letter D
The country at Letter C
The country at Letter B
The country at Letter A
13
Which country's capital goods are represented in the chart below?
Cuba
None of the above
Brazil
Mexico
14
An entrepreneur organizes ______ for production.
Raw materials
New ideas
Factories and machines
Skills and knowledge
15
Which of the following is NOT an economic problem that Cuba currently faces?
Too much government control
Outdated technology and inefficient factories
Low investment in human capital
Lack of natural resources
16
What is the purpose of a tariff?
The purpose is to punish rogue nations for safety reasons.
To raise the price of foreign goods in order to make a local good cheaper
To place a limit on imported goods so that citizens buy more local goods.
The purpose is to block trade with another nation.
17
Which factor of economic growth is being described in the statement below?
Capital Goods
Entrepreneurship
Natural Resources
Human Capital
18
Brazil charges special taxes on European fruits and vegetables brought into the country. What type of trade barrier?
Tariff
Free trade
Quota
Embargo
19
What is one way that Brazil has invested in developing its human capital?
Providing free public education for students.
Expanding highways and railroads.
Updating factory equipment and machinery.
Improving access to electricity for farmers.
20
In order for someone in Cuba to buy and sell goods with someone in China, what must both parties do?
Nothing, they both use the same currency
Use bartering techniques
Translate the transaction from Spanish to Mandarin
Exchange currencies
21
Match gross domestic product (GDP) with the situation in Latin America:
Most countries have a low GDP per capita and a low standard of living.
Most countries have a high GDP per capita and a low standard of living.
Most countries have a high GDP per capita and a high standard of living.
Most countries have a low GDP per capita and a high standard of living.
22
Which letter represents Cuba on the economic continuum below?
Letter D
Letter C
Letter B
Letter A
23
Mexico's GDP per Capita is about $15,000, but Cuba's is about $7, 500. Who probably has a higher standard of living?
Neither
Mexico
Both
Cuba
24
Investing in human capital means spending money on:
factories and businesses
machinery and technology
developing natural resources
education and training
25
If Cuba's government puts a limit on how much Vietnamese rice it will import this year, what trade barrier is this?
Free trade
Quota
Tariff
Embargo
26
What would MOST LIKELY be the reason that Cuba’s literacy rate does not match its standard of living?
Cuba doesn't invest in education, which leads to a low standard of living.
Cuba invests heavily in education, which leads to a low standard of living.
Cuba has a high number of entrepreneurs with poorly run businesses.
Cuba has a Communist government that controls its economy.
27
The economic system of Brazil be best described as:
Traditional
Pure Market
Mixed Command
Mixed Market
28
UN members refuse to trade certain goods with North Korea because of the country's nuclear weapons. Which trade barrier?
Quota
Tariff
Free trade
Embargo
29
What is an accurate title for this list?
Traditional Economy
Market Economy
Mixed Economy
Command Economy
30
Which country on the economic continuum below is the most free from government control?
The country at Letter A
The country at Letter C
The country at Letter B
The country at Letter D

Economics of Latin America Flashcards | StudBud

Economics of Latin America

30 termsStudBud Administration983 plays

Flashcards30 cardsFPractice quizPHost liveL

Questions 30

Answers

1
Which country's economic system is being described in the list below:
None of the above
Cuba
Brazil
Mexico
2
Mexico has an economic system that is 67% free and 33% command. Where is Mexico located on the economic continuum?
Letter D
Letter A
Letter B
Letter C
3
What factor of production is represented by the chart below?
Human Capital
Entrepreneurship
Capital Goods
Natural Resources
4
Which one is an example of specialization?
A business makes many different types of products.
A country buys all the goods it needs from other countries.
A factory focuses on producing one/two types of goods it is good at doing.
A violin maker completes the entire process of making a violin by himself.
5
Which of the following would reflect Brazil's mixed economy?
A combination of privately-owned businesses and government regulations.
The country’s distribution of resources is based on inheritance.
Prices and wages are solely regulated by the country’s government.
All economic decisions are based on customs and beliefs of ancestors.
6
What is one of the main reasons for people to exchange currency?
to have foreign money
to use American dollars to trade
to make more money by trading currencies
to buy and sell goods and services with other countries
7
What is the purpose of a quota?
To place a limit on imported goods so that citizens buy more local goods.
The purpose is to punish rogue nations for safety reasons.
To raise the price of foreign goods in order to make a local good cheaper
The purpose is to block trade with another nation.
8
Why are most economies referred to as “mixed economies”?
Most countries have aspects of both market and command economies.
There are not any traditional economic systems left.
Government planners no longer have complete control over command systems.
Economic poverty is too great in a pure market system.
9
Why does specialization make trade between countries easier?
A country’s economy will never go through hard times if they specialize.
The competition between countries will not exist.
Countries produce what they make best and trade with for what they need.
There is always a supply of goods on the market so trade is not needed.
10
Which characteristic BEST describes Mexico's economy?
Pure Market
Command-leaning
Market-leaning
Traditional
11
Which Latin American country has a command-leaning economic system?
The country at Letter D
The country at Letter B
The country at Letter A
The country at Letter C
12
During the 1960s, the United States placed an embargo on this country in response to its ties to Communism.
The country at Letter D
The country at Letter C
The country at Letter B
The country at Letter A
13
Which country's capital goods are represented in the chart below?
Cuba
None of the above
Brazil
Mexico
14
An entrepreneur organizes ______ for production.
Raw materials
New ideas
Factories and machines
Skills and knowledge
15
Which of the following is NOT an economic problem that Cuba currently faces?
Too much government control
Outdated technology and inefficient factories
Low investment in human capital
Lack of natural resources
16
What is the purpose of a tariff?
The purpose is to punish rogue nations for safety reasons.
To raise the price of foreign goods in order to make a local good cheaper
To place a limit on imported goods so that citizens buy more local goods.
The purpose is to block trade with another nation.
17
Which factor of economic growth is being described in the statement below?
Capital Goods
Entrepreneurship
Natural Resources
Human Capital
18
Brazil charges special taxes on European fruits and vegetables brought into the country. What type of trade barrier?
Tariff
Free trade
Quota
Embargo
19
What is one way that Brazil has invested in developing its human capital?
Providing free public education for students.
Expanding highways and railroads.
Updating factory equipment and machinery.
Improving access to electricity for farmers.
20
In order for someone in Cuba to buy and sell goods with someone in China, what must both parties do?
Nothing, they both use the same currency
Use bartering techniques
Translate the transaction from Spanish to Mandarin
Exchange currencies
21
Match gross domestic product (GDP) with the situation in Latin America:
Most countries have a low GDP per capita and a low standard of living.
Most countries have a high GDP per capita and a low standard of living.
Most countries have a high GDP per capita and a high standard of living.
Most countries have a low GDP per capita and a high standard of living.
22
Which letter represents Cuba on the economic continuum below?
Letter D
Letter C
Letter B
Letter A
23
Mexico's GDP per Capita is about $15,000, but Cuba's is about $7, 500. Who probably has a higher standard of living?
Neither
Mexico
Both
Cuba
24
Investing in human capital means spending money on:
factories and businesses
machinery and technology
developing natural resources
education and training
25
If Cuba's government puts a limit on how much Vietnamese rice it will import this year, what trade barrier is this?
Free trade
Quota
Tariff
Embargo
26
What would MOST LIKELY be the reason that Cuba’s literacy rate does not match its standard of living?
Cuba doesn't invest in education, which leads to a low standard of living.
Cuba invests heavily in education, which leads to a low standard of living.
Cuba has a high number of entrepreneurs with poorly run businesses.
Cuba has a Communist government that controls its economy.
27
The economic system of Brazil be best described as:
Traditional
Pure Market
Mixed Command
Mixed Market
28
UN members refuse to trade certain goods with North Korea because of the country's nuclear weapons. Which trade barrier?
Quota
Tariff
Free trade
Embargo
29
What is an accurate title for this list?
Traditional Economy
Market Economy
Mixed Economy
Command Economy
30
Which country on the economic continuum below is the most free from government control?
The country at Letter A
The country at Letter C
The country at Letter B
The country at Letter D