Latin America Economics Quiz

Class Period

• 1st Period

• 4th Period

• 5th Period

• 6th Period

13. Which country has the MOST economic freedoms, according the Economic Continuum?

• A) Cuba, between A and B
• B) Soviet Union, at A
• C) Brazil, between Mixed (the middle) and C
• D) Mexico, between C and D

14. Which country has the LEAST economic freedoms?

• A) Cuba, between A and B
• B) Mexico, between B and Mixed (the middle)
• C) Brazil, between B and C
• D) Mexico, between C and D

15. Which statement reflects how Mexico’s economic system answers the economic question of how to produce?

hint: what type of economic system does Mexico have?

• A) Businesses decide how to produce all goods.

• B) People produce goods based on how their ancestors did.

• C) The government decides how to produce all goods and services.

• D) Businesses decide how to produce goods, but the government regulates certain industries.

16. Mexico is considered to have a mixed economy on the economic continuum. What practice could the Mexican government adopt to have an economic system more like Cuba’s?

• A) reduce Mexico’s participation in NAFTA
• B) reduce the number of tariffs on goods imported to Mexico
• C) limit the amount of entrepreneurship allowed in Mexico
• D) reduce the number of government owned businesses in Mexico

17. As a result of the Cuban Revolution, the United States refused to trade with Cuba. What type of trade barrier does this illustrate?

• A) blockade

• B) embargo

• C) quota

• D) tariff

18. What economic concept is described in the statement?

• A) specialization

• B) opportunity cost

• C) entrepreneurship

• D) supply and demand

19. Out of the countries below, which Latin American country leans closest toward a command economy?

• A) Brazil
• B) Colombia
• C) Cuba
• D) Mexico

20. How is the economic system of Mexico similar to the economic system of Brazil?

HINT: ask yourself WHO answers the economic questions

• A) Both countries depend on subsistence farming as the primary source of income.

• B) Both countries allow consumers to dictate the prices of goods and services.

• C) Both countries allow the government to determine what products are produced and sold.

• D) Both countries have a combination of privately owned businesses and government owned businesses.

Answer explanation

Market LEANING economies have privately owned businesses with government regulations

21. Read the text below. Which statement BEST describes how Brazil's and Cuba's positions on the economic continuum compare to each other?

• A) Their economies are both mostly market.

• B) Brazil's economy has more government regulation than Cuba's.

• C) Cuba's economy has more government regulation than Brazil's.

• D) Their economies have an even mix of market and command elements.