Latin American Economics Review

Question 1

The knowledge, skills, and relative health of a nation's labor force.

Accepted Answer

Human Capital

Question 2

Mexico's focus on providing jobs in the automotive manufacturing industry is an example of what?

Accepted Answer

Specialization

Question 3

What is the purpose of NAFTA?

Accepted Answer

Allow for free trade between Canada, Mexico and the United States

Question 4

$$$ A nation's money $$$

Accepted Answer

Currency

Question 5

Which Latin American country is the most market leaning country that we have studied?

Accepted Answer

Mexico

Question 6

Focusing on a narrow range of products or services that can be produced most efficiently.

Accepted Answer

Specialization

Question 7

A 0 - 100 scale which ranks world economies from most command to most market.

Accepted Answer

Economic Continuum

Question 8

A system of exchange where one good or service is given for another. No money is used.

Accepted Answer

Bartering

Question 9

An economic model which is determined by the laws of supply and demand...not the government.

Accepted Answer

Market Economy

Question 10

The average annual income of a nation's citizens.

Accepted Answer

GDP per capita

Question 11

An economic model governed by custom, habit, and history.

Accepted Answer

Traditional Economy

Question 12

A trade barrier which places a tax on imported goods.

Accepted Answer

Tariff

Question 13

Trade in which both partners freely agree to and benefit from the exchange of goods/services

Accepted Answer

Voluntary Trade

Question 14

The estimated total value of all the final goods and services produced in a nation in a year.

Accepted Answer

GDP

Question 15

Any activity which slows or blocks the free exchange of goods and services between nations

Accepted Answer

Trade Barrier

Question 16

The level of wealth and material comfort available to a people.

Accepted Answer

Standard of Living

Question 17

A trade barrier which places a limit on imported goods.

Accepted Answer

Quota

Question 18

The capacity of private citizens to create new businesses independent of government control.

Accepted Answer

Free Enterprise

Question 19

The percentage of a nation's population over the age of 15 who are able to read and write.

Accepted Answer

Literacy Rate

Question 20

Which side of the economic continuum refers to command leaning economies?

Accepted Answer

Left

Question 21

Term used to describe the blending of market, command and traditional economies.

Accepted Answer

Mixed Economy

Question 22

This Latin American country has the most entrepreneurs of those that we have studied.

Accepted Answer

Mexico

Question 23

An economic model used by government to determine what should be produced or provided.

Accepted Answer

Economic Systems

Question 24

An economic model where the government makes all business and financial decisions.

Accepted Answer

Command Economy

Question 25

Which two economic ideas are most closely related to one another?

Accepted Answer

Standard of Living and Literacy Rate

Question 26

A trade barrier which blocks all trade with another nation.

Accepted Answer

Embargo

Latin American Economics Review

Questions 26

Latin American Economics Review

Questions 26