Economics of Latin America

What type of economy has businesses that are controlled by both the government and citizens?

• Traditional
• Command
• Market
• Mixed

Which statement is true about Cuba's economy?

• The government is not involved in the economy at all.
• Businesses and farms are owned by individuals.
• It is a traditional economy.
• The government controls what factories produce.

What type of economy is Cuba closest to?

• Command

• Market

• Traditional

Government rulers tell members of society how the fundamental questions will be answered.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

People simply follow tradition and do whatever their ancestors did (example- If grandfather and dad were fisherman, then son will be a fisherman).

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Even though Mr. Baker has the freedom to start a restaurant, he still has to follow government regulations and pay his employees $10.75 an hour.

• market

• mixed

• traditional

• command

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

What type of economy do most countries in the world have?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned 

This type of government typically goes with the Command Economy.  

• Democracy
• Dictatorship
• Autocracy
• Communism