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Latin America ECONOMIC UNDERSTANDINGS Flashcards | StudBud
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Latin America ECONOMIC UNDERSTANDINGS
Latin America ECONOMIC UNDERSTANDINGS
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SS6E1 ECONOMIC SYSTEMS
Flashcards
23 cards
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Questions
23
Answers
1
The purpose of NAFTA and the USMCA is to promote ____________________.
free trade within United States, Mexico, and Canada
put embargos on Chinese natural resources
war between Canada and Mexico
create tariffs between the US, Mexico, and Canada
2
Human Capital refers to the people who do the work and how much education and training they have.
FALSE
TRUE
3
______________________ is needed in order that countries without the same currency can trade.
national debt
foreign bank accounts
currency exchange
money stretch
4
(EXAMPLE) Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico.
free trade
quota
tariff
embargo
5
What is the currency people use in Mexico called?
Dollar
Rubles
Peso
Pound
6
In this economy, people have the most freedom to buy & sell goods & services. (few government regulations)
Market economy
Traditional economy
Command economy
Pure economy
7
GDP is a measure of.....
The number of adults in a country who can read and write.
the total value of goods and services produced in 1 year.
The number of scary movies filmed in a country.
The number of people in a country
8
An entrepreneur is a person who....
Is in charge of a country
Starts a business
Can read and write
Works in a factory
9
In general, the higher the literacy rate,
The easier it is to start a business.
The lower the GDP.
The fewer the number of people who live in that country.
The higher the GDP
10
Most countries in the world have which type of economy?
mixed
command
tradtional
market
11
GDP per capita is a measure of.....
The total value of goods and services produced in 1 year per person
The number of people in a country
the total value of goods and services produced in 1 year.
How many capitals a country has
12
Literacy Rate is a measure of.....
The number of people in a country
The number of books written by authors from a country.
the total value of goods and services produced in 1 year.
The number of adults in a country who can read and write.
13
A mixed economy has characteristics of both a command economy and a market economy.
True
False
14
In which countries do buyers and sellers usually come to agreement on prices in order to trade?
Brazil and Cuba
Brazil and Mexico
Cuba and United States
Mexico and Cuba
15
Which of the following is NOT one of the three basic economic questions?
How to produce
Why should you produce
What to produce
For whom to produce
16
Which of these is an example of capital (things needed to run a business)
Springs of fresh water
Drills and hard hats in a mine
Tractors and silos on a farm
Robots in a factory
17
Without a system for exchanging currencies international trade would be very easy.
FALSE
TRUE
18
(EXAMPLE) In 1962, the United States prohibited all imports and exports to and from Cuba.
quota
embargo
Free Market
tariff
19
(EXAMPLE) Brazil imposes an import tax on Mexican meats.
free trade
embargo
tariff
quota
20
Which of the 3 Latin American countries discussed have the lowest GDP?
Mexico
Cuba
Brazil
21
Which economic system is when the government controls production of goods/services? Ex: Cuba
Command Economy
Traditional economy
Market economy
Pure Economy
22
Which economic system is based on customs, traditions, and beliefs?
Traditional economy
Command economy
Market economy
Private economy
23
Which of these are examples of natural resources?
Minerals
Computers
Arable Land
Forests
