Why does Cuba have to import many products?

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

It's economy leans more toward a command system.

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?

How will the goods be produced?

What are your economic resources?

What is the cost to produce goods?

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

Literacy is not a priority in the country.

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

Why is Mexico's economy considered a mixed-market economy?

There are more private than public businesses.

There are more public than private businesses.

There are no public businesses.

There are no private businesses.

Why is it important for a business to understand the currency exchange system?

So they know the value of their money versus that of their trading partner so they can trade goods.

So they can make all money the same.

So they can do business with only those countries that exchange at a higher rate.

So they know which bank to go to for exchanging the currency.

How does a country decide with whom to trade?

They choose a country that has the goods and services that they need and can get at the best price.

They choose a country that they like the best.

They choose the country that their ancestors came from.

They choose a country that is very similar to their own.

What guides the 3 economic questions in a command economy?

decisions passed down by ancestors

Nothing. It just works itself out.

What guides the 3 economic questions in a market economy?

decisions passed down by ancestors

Nothing. It just works itself out.

What guides the 3 economic questions in a mixed economy?

supply and demand with some government regulations

the government with some private regulations

decisions passed down by ancestors

Nothing. It just works itself out.

Why are most economies referred to as mixed economies?

most countries have aspects of both market and command economies

there are not any traditional economic systems left

government planners no longer have complete control over command systems

economic poverty is too great in a pure market system

SS6G2a Which of the following best explains how specialization encourages trade between nations?

Specialization allows nations to choose to market only those products/services which they are capable of providing fastest, cheapest, and in great abundance.

Specialization encourages businesses to make a wide variety of items, that way it ensures that someone will want to trade with them.

Countries that are allies will always want to trade with each other.

Specialization allows nations to protect domestic markets from foreign competition and block the importation of dangerous products.

SS6E1a Which statement BEST compares a market economy to a command economy?

In a market economy individuals decide for themselves what they will buy and sell, while the government decides in command economy.

In both market and command, the government controls the economic activity in a country.

In a market economy there is no private ownership, while command promotes it.

SS6E3c If the leader of a country's plan is to improve the economy by encouraging companies to invest in new computers and wireless communication systems, s/he would be basing his/her plan on the conclusion that:

An investment in capital goods will increase the country's GDP.

An investment in human capital will increase the country's GDP.

An investment in entrepreneurs will spark creativity in the country.

An investment in human resources will help the country's economy.

SS6E2c Why does trade among Latin American countries require a system for exchanging currency between nations?

Each has its own unique currency. For example, Mexico uses the peso, Brazil uses the real, and Cuba uses both the U.S. dollar and the peso; therefore without a method to convert currency, international trade would be impossible.

The demand for products from Mexico, demands high exporting of specialized products from the maquiladoras, which under NAFTA, does not require currency exchange.

Most people want to use American dollars to trade, so the need for currency exchanging is not required.

Each country specializes in its own natural resources, so their is no need to convert money in order to trade.

SS6E2d Besides the economic agreements, stated in the Preamble of NAFTA, the United States, Canada, and Mexico also agreed to do the following for workers:

provide more job opportunities, improve working conditions, provide a better standard of living, and protect the rights of workers

The governments would provide training to teach them to read and write, in order to increase the GDP of their country.

provide education and healthcare for all citizens

provide adequate shelter, food, and clean drinking water.

SS6E3e Would one conclude that it is difficult to be an entrepreneur in Cuba?

Yes, because of strict government control, private property strictly regulated, and limited trade and investment.

No, foreign investment in the country is at an all-time high, government loans are at low interest rates, and approval for bank loans have improved.

Yes, because there is so much private business competition.

No, because Cuba does not need many entrepreneurs because they make enough money from public sector businesses to maintain the country's high GDP.

SS6E2b What is a benefit of trade barriers? (PS)

to protect domestic markets from foreign competition

to block the importation of dangerous products

SS6E2b The change in Cuba’s government following the Communist Revolution led to the U.S. placing an embargo on trade with Cuba. An embargo is best described as: (PS)

A ban on trade for political reasons

A ban on trade for religious reasons

SS6E3 Which statement explains how Cuba's economy works under a communist government?

The Communist Party controls the government and all major businesses, including strictly regulating private property.

Workers share in the profits of the companies that employ them.

Citizens vote in free elections, but the government controls the economy.

The Communist Party controls the government, but businesses are in private hands.

If Mexico wants to increase its GDP, what should it do to invest more in physical capital?

Improve its inefficient factories and outdated technology

Stop giving money to educational programs

Stop free trade with other nearby countries

What does NAFTA stand for?

North American Free Trade Agreement

North Atlantic Free Trade Agreement

North Alaska Free Trade Agreement

North Amazon Free Trade Agreement

What reason would a American factory worker might not like NAFTA?

American businesses might move to Mexico for cheaper labor costs, jobs lost in USA

NAFTA products are cheaper for American consumers

Adriana lives in Brazil.She is planning a trip to visit her sister,who recently moved to Mexico.She plans to take a taxi from the airport when she arrives sin Mexico.What must she do in order to pay for the taxi ?

Exchange her Brazilian reais for Mexican pesos

Get a job so that she can earn Mexican pesos

Pay a travel tariff to the government of Mexico

Pay a travel subsidy to the government of Mexico

Economics of Latin America

Authored by Patricia McGonagle

Social Studies

6th Grade

Used 7+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What kind of economic system does Cuba have?

traditional

command

market

mixed

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A tax on imported goods is a

tariff

quota

capital

import

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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 QUESTION

30 sec • 1 pt

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 QUESTION

30 sec • 1 pt

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

quota

embargo

import

trade barrier

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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 QUESTION

30 sec • 1 pt

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

Developing country

Capital (goods)

Human capital

Developed country

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