What BEST explains why Currency Exchange is important?

Countries agree on what money to use - so they can trade with one another

How do increases in Literacy rates impact economic growth?

By increasing the number of skilled workers that increase production

Here, the autocratic government makes the economic decisions. There is little entrepreneurship. Where is Monkey?

Monkey is in Cuba, between A and B

Mexico's economy is more Market-leaning than in Brazil. What is the BEST conclusion that we can make?

Consumers and businesses have more economic freedoms in Mexico

If Andros does in fact live in Brazil, then where is the BEST spot for Brazil on our Economic Scale?

C, because Brazil is a Mixed-Market economy

When a country invests more in the factors of productions, what usually happens?

GDP increases, private sector growth increases

Fewer investments in the Factors of Production and less Literacy have what effects?

Decrease in GDP and economic growth

What were some negative (bad) effects of USMCA?

Jobs were lost in some industries and increases in pollution

Mexico & Brazil are Mixed-Market, specializing in manufacturing and energy. Cuba specializes in agricultural goods.

Brazil and Mexico have higher GDPs than Cuba

Monkey lives in Mexico. He is traveling to Brazil. What should he do once he is in Brazil to make his trip easier?

Exchange his Mexican money for Brazilian money

What is the connection between Voluntary Trade and Currency Exchange?

Countries agree on which currency to use when they are trading

Where is the BEST location for Brazil on the Economic Continuum?

Mixed-Market: Between "Mixed" and C

How do Command Economies answer the basic economic questions?

The government makes the economic decisions

What does the USMCA do?

Increase trade for US, Mexico, Canada by removing trade barriers - Tariffs

Andros lives in a Presidential Democracy. There are entrepreneurs, while the government makes some economic decisions.

Andros lives in Brazil, with a mixture of government control and enterprise

How does Mexico's economy answer the three basic economic questions?

Supply and Demand mostly determines these basic questions

Here, most businesses are owned the government. There is little to no entrepreneurship.

Monkey is in Cuba, between A and B

How does Specialization impact Voluntary Trade?

Countries specialize goods to trade with other nations for what they need

What is the BEST way that Mexico can improve the Standard of Living?

More good investments in education and jobs

How do Market Economies answer many economic questions?

Supply and Demand and Entrepreneurship

What is an advantage of a more Market economy?

Supply and Demand helps with change

In which system does Supply and Demand answer many of the economic questions?

Mixed-Market, like Brazil and Mexico

Which statement is TRUE?

Mexico and Brazil are both Mixed-Market economies near C

Which countries have similar economies that are close together on the Economic Continuum?

Mexico and Brazil, Mixed-Market

How are Command economies different from Market economies?

Market economies have more entrepreneurship and private sector growth

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Economic Systems of Cuba, Brazil, and Mexico

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Economic Systems Quiz

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Questions 34

Answers

1
What BEST explains why Currency Exchange is important?
Autocratic governments have more entrepreneurship due to Market economies
Countries agree on what money to use - so they can trade with one another
Because, all countries use the same currency for all trade
To create more trade barriers than increase trade between enemy countries
2
How do increases in Literacy rates impact economic growth?
By creating new trade barriers that sometimes increases GDP
By increasing the number of skilled workers that increase production
Investments in Literacy decreases voluntary trade that decrease GDP
investments in Literacy decrease the number of skilled workers
3
The government runs many businesses. There is little to no entrepreneurship. Industries include sugarcane and fishing.
Cuba, between A and B
Brazil, between "Mixed" and C
Mexico, near C
Soviet Union, near A
4
Here, the autocratic government makes the economic decisions. There is little entrepreneurship. Where is Monkey?
Monkey is in Brazil, near A
Monkey is in Mexico, near C
Monkey is in Brazil, between C and D
Monkey is in Cuba, between A and B
5
Mexico's economy is more Market-leaning than in Brazil. What is the BEST conclusion that we can make?
The Mexican governments controls the factors of production
The Mexican government makes more of the economic decisions than in Brazil
Consumers and businesses have more economic freedoms in Mexico
Brazil has way more entrepreneurship than Mexico
6
If Andros does in fact live in Brazil, then where is the BEST spot for Brazil on our Economic Scale?
D, because Brazil is a Pure Market economy
B, Because Brazil is Mixed-Command economy
A, because Brazil has a Pure Command economy
C, because Brazil is a Mixed-Market economy
7
When a country invests more in the factors of productions, what usually happens?
GDP stays the same
Poverty increases, private sector growth decreases
GDP decreases, poverty increases
GDP increases, private sector growth increases
8
According to the Economic Continuum, which country has the MOST economic freedoms?
United States
Mexico
Canada
Cuba
9
Fewer investments in the Factors of Production and less Literacy have what effects?
Positive impacts that increase economic growth
Increases in trade with other countries that decrease GDP
Better use of Natural Resources that increase GDP
Decrease in GDP and economic growth
10
What were some negative (bad) effects of USMCA?
More tariffs between Canada the United States that slowed down trade
Decreases in international trade and hyperinflation
Jobs were lost in some industries and increases in pollution
Decreases in GDP and increases in the number of Hamster Spies
11
Mexico & Brazil are Mixed-Market, specializing in manufacturing and energy. Cuba specializes in agricultural goods.
Specialization decreases voluntary trade
Brazil and Mexico have higher GDPs than Cuba
The GDPs of Command economies are better than Market economies
Cuba has a higher GDP than Brazil or Mexico
12
Monkey lives in Mexico. He is traveling to Brazil. What should he do once he is in Brazil to make his trip easier?
Misuse his resources like money and water
Exchange his Mexican money for Brazilian money
Only speak English and Spanish, rather than Portuguese
Overthrow the government of Brazil
13
Which country has the LEAST economic freedoms?
Between Country B and Country C (Brazil)
Country C (Mexico)
Country B (Cuba)
Country D (United States)
14
Which system is BEST for privately-owned businesses, entrepreneurs, and more economic freedoms?
Mixed-Market, like Mexico
Pure Command, like Mexico
Mixed-Command, like Brazil
Traditional, like Native cultures
15
What is the connection between Voluntary Trade and Currency Exchange?
The values of currencies never change during business
Countries agree on which currency to use when they are trading
Command economies tend to use paper money and diamonds
All countries use the same money when trading
16
Where is the BEST location for Brazil on the Economic Continuum?
Mixed-Market: Between "Mixed" and C
Pure Market: Near D
Mixed-Command: Between A and B
Mixed-Command: Between B and "Mixed"
17
In which system are decisions dealing with products and services based on Supply and Demand?
Market
Command
Mixed-Command
Traditional
18
What do the economies of Mexico and Brazil have in common?
They are Mixed-Market
They are Pure Command
They are Mixed-Command
They are Pure Market
19
How do Command Economies answer the basic economic questions?
Entrepreneurs and Supply and Demand make most the decisions
Traditional values and customs determine those decisions
Consumers and private citizens determine prices and wages
The government makes the economic decisions
20
What does the USMCA do?
Made it harder for Canada to trade with Mexico due to political arguments
Increased Quotas between the European Union and the USMCA
Increase trade for US, Mexico, Canada by removing trade barriers - Tariffs
Created more trade barriers to slw down trade between Cuba and Brazil
21
Here, most businesses are owned by private citizens. The government runs some industries. USMCA impacts workers.
Monkey is in Mexico, near C
Monkey is in Brazil, near A
Monkey is in Cuba, between A and B
Monkey is in the Soviet Union, near A
22
Andros lives in a Presidential Democracy. There are entrepreneurs, while the government makes some economic decisions.
Andros lives in Brazil, with a mixture of government control and enterprise
Andros lives in the Soviet Union, with a Command-heavy economy
Andros lives in Cuba, where citizens vote to expand entrepreneurship
Andros lives in Mexico, with a Pure Market economy
23
How does Mexico's economy answer the three basic economic questions?
Supply and Demand mostly determines these basic questions
There is little to no entrepreneurship in Mexico
Traditions and cultural values determine WHAT and HOW MUCH to produce
Only the government determines these basic questions
24
Here, most businesses are owned the government. There is little to no entrepreneurship.
Monkey is in Cuba, between A and B
Monkey is in Brazil, between "Mixed" and C
Monkey is in the Soviet Union, near A
Monkey is in Mexico, near C
25
How does Specialization impact Voluntary Trade?
Specialization creates more trade barriers that decrease trade
Specialization eliminates Voluntary Trade
Specialization in an inefficient way to trade with other countries
Countries specialize goods to trade with other nations for what they need
26
If Country B allows for MORE entrepreneurship and LESS regulations, then in which direction does it change/shift?
To the Left, towards Market
To the Right, towards Market
To the Left, towards Command
To the Right, towards Command
27
What is the BEST way that Mexico can improve the Standard of Living?
More good investments in education and jobs
By becoming more Command
Creating more trade barriers with other countries
Less investments in the Factors of Production
28
How do Market Economies answer many economic questions?
By banning all trade with other countries
Supply and Demand and Entrepreneurship
The government makes all of the economic decisions
Traditional values and customs that determine what people need
29
What is an advantage of a more Market economy?
Supply and Demand helps with change
The government makes the economic decisions
The government sets prices and wages
There is little to no entrepreneurship
30
In which system does Supply and Demand answer many of the economic questions?
Mixed-Command, like Cuba
Mixed-Market, like Brazil and Mexico
Traditional, like Native cultures
Command, like the Soviet Union
31
Which statement is TRUE?
Cuba is closer to Pure Market, near D
Mexico and Brazil are both Mixed-Market economies near C
Cuba and Mexico are both Mixed-Command economies near B
Brazil is Mixed-Command, near A
32
Which countries have similar economies that are close together on the Economic Continuum?
Mexico and Cuba, Mixed-Command
Brazil, Cuba, and Canada, in the middle
Cuba and Brazil, Pure Command
Mexico and Brazil, Mixed-Market
33
What do the economies of Cuba, Mexico, Brazil, the United States, and Canada all have in common?
They all have the same amount of government regulations
They are all Mixed economies
They all have the same amount of entrepreneurship
They are all Mixed-Market economies
34
How are Command economies different from Market economies?
Market economies are all in autocratic countries
Supply and Demand determines economic growth in Command economies
Market economies have more entrepreneurship and private sector growth
Command economies have more entrepreneurship and higher GDPs

Economic Systems of Cuba, Brazil, and Mexico Flashcards | StudBud