Economics of Latin America

What kind of economic system does Cuba have?

• traditional

• command

• market

• mixed

  A tax on imported goods is a 

• tariff
• quota
• capital
• import 

A quota is a

• restricted trade with another country
• tax put on imported goods
• Limited number 
• profit made by a country over one year

A quota is a

• restricted trade with another country
• tax put on imported goods
• Limited number 
• profit made by a country over one year

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

• quota
• embargo
• import
• trade barrier 

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 

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

• Developing country
• Capital (goods)
• Human capital 
• Developed country 

Why does Cuba have to import many products?

• It's economy leans more toward a command system.

• It is an island country.

• It is an island country with fewer natural resources than many other countries.

• It is an island country that has an abundance of natural resources.

Which of the follow is one of the three questions asked when comparing economic systems?

• What are your economic resources?

• How will the goods be produced?

• What is the cost to produce goods?

• Should this risk be taken?

Which is a logical conclusion for a country with a high GDP?

• It has a high literacy rate.

• It has a low literacy rate.

• Literacy is not a priority in the country.

• There is no relationship between a country's literacy rate and GDP.