Which is an example of a mixed economy?

Businesses and government answers the three questions.

What does NAFTA allow to happen among the countries of USA, Mexico and Canada

It forms trade agreements quotas among countries.

What are the three economic questions?

What to produce, how to produce and for whom to produce?

If a country doesn't invest in it's capital goods, what will be the result?

The GDP will be lower than other countires.

Why is a system of currency exchange needed in Latin America?

Latin American countries all use different forms of currency.

What happens if a country increases it's literacy rate?

The standard of living and GDP will increase.

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Latin America Economics Review

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Questions 14

Answers

1
Indigenous groups of Latin America barter and trade. What economic system is that?
Market
Mixed
Command
Traditional
2
Which is an example of a mixed economy?
Customs and traditions only answer the three questions.
Businesses and government answers the three questions.
Supply and demand only answer the three questions.
The government only answers the three questions.
3
Which country has a Command economy?
Australia
Cuba
Brazil
Mexico
4
What does NAFTA allow to happen among the countries of USA, Mexico and Canada
It forms tariffs among countries.
It forms embargos among countries.
It forms trade agreements quotas among countries.
It forms blockades among countries.
5
How would a country completely stop a product from coming into the country
Tariff
Quota
subsidary
Embargo
6
What are the three economic questions?
What to produce, why produce it and when to produce?
What is the opportunity cost, economic resources and why to produce?
What to produce, what is the capital needed, and why to produce?
What to produce, how to produce and for whom to produce?
7
What is an example of a physical trade barrier?
quota
embargo
mountain
tariff
8
What is ane example of specialization?
Venezuela only exporting oil.
Mexico exporting oil, fruit and wheat.
Cuba exporting sugar, tobacco and corn.
Brazil exporting different varieties of fruits and vegatables.
9
Who makes economic decisions in a command economy?
Government
Markets
Producers
Consumers
10
Brazil and Mexico have economic systems that use government & businesses making decisions- name that system?
Mixed
Traditional
Command
Market
11
If a country doesn't invest in it's capital goods, what will be the result?
The GDP isn't affected by investing in capital goods.
The GDP will be higher than other countries.
The GDP will be lower than other countires.
The GDP will remain the same as other countries.
12
Why is a system of currency exchange needed in Latin America?
Latin American countries have mixed economies.
Latin American countries lack economic resources.
Latin American countries all use different forms of currency.
Latin American countries have command economies.
13
What is taxed when a tariff is put in place?
income
property
renewable resources
imports
14
What happens if a country increases it's literacy rate?
The standard of living and GDP will decrease
The standard of living and GDP will increase.
The standard of living and GDP aren't affected by literacy rate.
The standard of living and GDP will not change.

Latin America Economics Review Flashcards | StudBud