What is the goal of NAFTA?

expand the markert for all goods and services

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

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

A combination of privately-owned businesses and government regulations.

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Latin America Economics Chapter Test

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Questions 20

Answers

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Outdated technology and inefficient factories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

Latin America Economics Chapter Test Flashcards | StudBud