Latin America Economics Review

Question 1

Which of the following would be found in a market economy?

Accepted Answer

Competition

Question 2

Cuba is an island & has fewer natural resources than Brazil. How does this affect trade in Cuba

Accepted Answer

Cuba needs to import more products.

Question 3

Which is an example of a trade barrier?

Accepted Answer

all of the above

Question 4

In a command economy, how are the prices of goods and services determined?

Accepted Answer

the central government

Question 5

What is an example of investing in human capital?

Accepted Answer

education

Question 6

"Companies produce goods of their choice, consumers decide whether to buy the goods"

Accepted Answer

Market

Question 7

Trade barriers are used to

Accepted Answer

restrict trade

Question 8

Which best describes a market economy?

Accepted Answer

a person can start any business and charge any price

Question 9

Sarah sells shoes. The machines used to make the shoes are examples of..

Accepted Answer

Physical Capital

Question 10

An economic system in which the people (not gov't) own land, factories, & businesses?

Accepted Answer

Market

Question 11

Sarah sells shoes. The water she uses to clean up her shoe making factor is an example of

Accepted Answer

natural resource

Question 12

Which is a way that entrepreneurs help increase a country's GDP?

Accepted Answer

creating business that give people jobs

Question 13

Why is a country better off if it does not have to import natural resources?

Accepted Answer

Buying resources from others cost more money

Question 14

A high literacy rate contributes to a

Accepted Answer

high standard of living

Question 15

Amy is employed in a shoe store because she has a merchandising degree. Amy is an example of

Accepted Answer

human capital

Question 16

In market economies, prices are

Accepted Answer

determined by supply and demand

Question 17

In a traditional economy, how do people exchange goods?

Accepted Answer

Barter/Trade with sellers

Question 18

Which is an example of investing in capital goods?

Accepted Answer

constructing a new factory

Question 19

Sarah started a business selling shoes. Sarah is an example of which factor of production?

Accepted Answer

Entrepreneur

Question 20

What is human capital?

Accepted Answer

investment in the workers of a business

Question 21

which is an example of a natural resource?

Accepted Answer

forests

Question 22

In Cuba, the government owns all the businesses and farms. Cuba is an example of a

Accepted Answer

Command Economy

Question 23

the USA forbids trade with Cuba because of political issues. Which trade barrier is in place?

Accepted Answer

Embargo

Question 24

Which option reflects a country with a mixed economy?

Accepted Answer

combination of privately owned industry & gov't control

Question 25

Land, labor, capital, and entrepreneurship are the

Accepted Answer

factors of production

Question 26

The economic system of communist countries is closely related to which of the following?

Accepted Answer

Command

Latin America Economics Review

Questions 26

Latin America Economics Review

Questions 26