What is the goal of NAFTA?

expand the markert for all goods and services

Which of the following would reflect Mexico’s mixed economy?

A combination of privately-owned businesses and government regulations.

most economies referred to as “mixed economies because

Most countries have a mixture of market & command

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

Low investment in human capital

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Latin America Economics Chapter Test

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Questions 20

Answers

1
Latin American economy that has the most free (from government control) mixed economy?
Brazil
Brazil
Mexico
Cuba
2
Which of the following is NOT one of the basic questions that all economic systems must answer:
How much to produce?
For whom to produce
How to produce?
What to produce?
3
In which area has Mexico specialized?
forest products
meat processing
oil production
gold and diamond mining
4
In which area has Mexico invested heavily in capital goods?
education
communications technology
agriculture
machinery and equipment
5
Mexico and Brazil have __________ economies.
Traditional
Market
Command
Mixed
6
To stop all trades with another country
quota
opportunity costs
tariff
embargo
7
Tax on imported goods
opportunity cost
quota
tariff
embargo
8
What is the goal of NAFTA?
raise tariffs in US, Canada, & Mixico
expand the markert for all goods and services
allow consumers to get goods for free
settle economic disputes with China
9
Which characteristic BEST describes Brazil’s economy?
Pure Market
Traditional
Command-leaning
Market-leaning
10
Economic system that's based on customs and beliefs of the past
Command
Market
Traditional
Mixed
11
Which Latin American country has a command economic system?
Brazil
Jamaica
Mexico
Cuba
12
Cuba has a Communist goverment that controls its economy
False
True
13
To put a limit on imports/exports
tariff
quota
embargo
opportunity cost
14
NAFTA was designed to remove trade barriers and increase trade between which three countries?
Canada, United States, United Kingdom
Canada, United States, Mexico
Canada, Mexico, United Kingdom
Canada, United States, China
15
Which of the following would reflect Mexico’s mixed economy?
All economic decisions are based on customs and beliefs of ancestors.
The country’s distribution of resources is based on inheritance.
A combination of privately-owned businesses and government regulations.
Prices and wages are solely regulated by the country’s government.
16
On the Economic continuum, Cuba is closer to a Pure Market.
True
False
17
Economy is 33% Free. Strong command economy. Gov't owns most resources
United States
Cuba
Mexico
Brazil
18
most economies referred to as “mixed economies because
Economic poverty is too great in a pure market system
Government does not have to compete anymore
Most countries have a mixture of market & command
There are no more traditonal economic systems
19
An entrepreneur organizes __________ for production.
new ideas
raw materials
factories and machinery
skills and knowledge
20
Which of the following is NOT an economic problem that Cuba currently faces?
Low investment in human capital
Lack of natural resources
Too much government control
Outdated technology and inefficient factories

Latin America Economics Chapter Test Flashcards | StudBud