Latin America Assessment Review

•What 3 economic questions are asked when studying the similarities of a traditional, command and market economy among nations of the world?

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

• What is your opportunity cost, what economic resources are needed, why should these resources be used?

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

• What is your opportunity cost, why are economic resources needed, when should these resources be used?

•Cuba has a type of government in which the ruler has absolute power and is not restricted by a constitution, laws, or the citizens. Name the type of government for Cuba.

• • Dictatorship

• Federal-Republican

• Presidential democracy

• Parliamentary democracy

How does a command economic system answer the 3 economic questions?

• It is based the citizens desires.

• Economic decisions are based on customs and beliefs past down from the previous generations.

• Supply and demand of the market place.

• The government makes all the decisions.

How does a traditional economic system answer the 3 economic questions?

• It is based the citizens desires.

• Economic decisions are based on customs and beliefs past down from the previous generations.

• Supply and demand of the market place.

• The government makes all the decisions.

How does a free market economic system answer the 3 economic questions?

• It is based the citizens desires.

• Economic decisions are based on customs and beliefs past down from the previous generations.

• Supply and demand of the market place.

• The government makes all the decisions.

What type of economic system do most democratic countries have?

• traditional

• command

• market

• mixed

What country does not belong in the category based on economic systems: Mexico, Brazil, Cuba

• Mexico

• Brazil

• Cuba

• none of them belong

What is the relationship between adding elements of a market system to a country's economy and economic growth.

• When countries increases its' government control, they experience economic growth

• When countries lift some government control, they experience economic growth

• If a country lifts some of it's government control, the economy will decline instead of grow.

• It has no effect on the economy.

In this type of government citizens hold supreme power…

• Democracy   

• Theocracy     

• Dictatorship

• none of the above

In this type of government ALL power rests in the hands of one individual…

• Democracy   

• Theocracy     

• Dictatorship

• none of the above