Economics of Latin America

Economic Factors of Latin America

Multiple Choice

•Economic decisions are based on customs and beliefs of the past

· Uses bartering to exchange goods

· Examples: tribes in Africa, Inuit in Canada

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Multiple Choice

Government makes all economic decisions

•Examples: Cuba, China, North Korea, former Soviet Union

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Multiple Choice

-Private businesses & individuals make all economic decisions without government interference

-Works on supply & demand

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Multiple Choice

•Mix of command and market systems

•Most democratic nations have this type of economic system

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Multiple Choice

•Mix of command and market systems

•Most democratic nations have this type of economic system

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Multiple Choice

The percent of a country’s population over the age of 15 that can read and write.

• Currency Exchange

• Gross Domestic Product

• Literacy Rate

• Specialization

Multiple Choice

Does a high literacy rate always mean a country has a high standard of living?

• Yes

• No

Multiple Choice

Which of the following does investing in human capital provide? 

• education
• training
• health care
• all of these

Multiple Choice

What happens to GDP when education levels go up?

SS6E4

• GDP increases

• GDP decreases

• GDP stays the same

• It is difficult to increase educational levels

Multiple Choice

Which is an example of investment in human capital?

SS6E6

• trucks

• factories

• education

• highways

Multiple Choice

When Sarah buys new chairs and laptops for her staff, she is investing in......

SS6E6

• Human capital

• Capital goods

• Her business

Multiple Choice

Would you want the GDP of your country to be HIGH or LOW?

SS6E3

• High

• Low

Multiple Choice

All of the goods and services produced within a country in 1 year. Measures a country’s economy.

• Currency Exchange

• Gross Domestic Product

• Literacy Rate

• Specialization

Multiple Choice

Technology, factories, & machines that are used to make/sell goods & services.

• Entrepreneurship

• Capital Goods

• Human Capital

• Natural Resources

Multiple Choice

Technology, factories, & machines that are used to make/sell goods & services.

• Entrepreneurship

• Capital Goods

• Human Capital

• Natural Resources

Trade Barriers

• Embargo - a complete stop on trade

• Tariff - a tax

• Quota - a limit on the amount of imports that can enter a country

Multiple Choice

A resource that come from the earth are called

• human capital

• renewable resources

• nonrenewable resources

• natural resources

Multiple Choice

A developing country is

• one who has education and industry

• takes the risk of starting a new business

• once used, gone forever

• one working on education and industry

Multiple Choice

A developed country is

• tax on imported goods

• one that is working on education and industry

• one that has education and industry

• a profit made by a country in a given period of time

Multiple Choice

What is capital (a capital good)?

• profit a country makes in one year

• anything that stops trade

• products brought into the country

• anything used to make money

Multiple Choice

The value placed on one's education and skill is called

• Developing country

• Capital (goods)

• Human capital

• Developed country

Multiple Choice

An entrepreneur is

• someone who takes the risk to start a new business

• one that has education and industry

• one that is working on education and industry

• value placed on one's education and skill

Multiple Choice

Something that restricts trade with another country is called a(n)

• quota

• embargo

• import

• trade barrier

Multiple Choice

A quota is a

• restricted trade with another country

• tax put on imported goods

• Limited number

• profit made by a country over one year

Multiple Choice

A quota is a

• restricted trade with another country

• tax put on imported goods

• Limited number

• profit made by a country over one year

Multiple Choice

Anything that stops trade is called

• embargo

• quota

• trade barrier

• export