Latin America-Government and Economy

What is a tariff?

• a tax on imports

• the total value of goods and services produced in a country in a year

What is GDP (Gross Domestic Product)

• percentage of people who can read and write in a country

• the value of goods and services produced by a country in a year

What is literacy rate?

• percentage of people who can read and write in a country

• the total value of goods and services produced in a country in a year

What is a quota?

• a government ban on trade with a country; stop trade completely

• a limit on imports

What is an embargo?

• a government ban on trade with a country; stop trade completely

• a limit on imports

What are capital goods?

• a government ban on trade with a country; stop trade completely

• the factories, machines, and technology businesses need to operate

What is human capital?

• the skills and knowledge of a worker

• gift of nature; material found on earth, not man-made

What is an exchange rate?

• the education, ability, skills, talents that a worker of a country possess

• how much one country's money is worth compared to another

What three economic questions are asked when studying the economies of the world?

• What to produce, why to produce, and when to produce?

• What to produce, how to produce, when to produce?

• What to produce, how to produce, for whom to produce?

Which Latin American country is communist?

• Cuba

• Brazil

• Mexico