Unit 7 Review - Economics of Latin America

Where would Mexico fall on the Economic Continuum?

• X

• Y

• Z

Where would Cuba fall on the Economic Continuum?

• X

• Y

• Z

Where would Brazil fall on the Economic Continuum?

• X

• Y

• Z

What is true about specialization?

• Factories CANNOT produce goods quickly

  because their workers are constantly being

  moved asked to learn new positions.

• Workers do NOT become experts in their jobs

  because they are not well trained.

• A factory can produce more goods in less time

  for less money because their workers know very

  well how to do a specific job.

What trade barrier is X?

• Tariff

• Quota

• Embargo

• Sale

What trade barrier is Y?

• Tariff

• Quota

• Embargo

• Sale

What trade barrier is Z?

• Tariff

• Quota

• Embargo

• Sale

Why is a system of currency exchange more important in Latin America than it is in western Europe?

• Latin American countries frequently trade with each other, while most western European countries are isolationists.

• Latin American countries have mixed economies, while many western European countries have command economies.

• Latin American countries do not have many

  resources, while most western European

  countries have abundant resources.

• Latin American countries use many different forms of money, while many western European countries use the same money.

What BEST completes the timeline?

• United States-Mexico-Canada Agreement

  Signed

• Treaty of Versailles Signed

• North Atlantic Treaty Organization Formed

• United Nations Formed

What is true about literacy rate and the standard of living in a country?

• The higher the literacy rate, the higher the

  standard of living.

• The lower the literacy rate, the higher the standard of living.

• There is no relationship between the two.

• The higher the literacy rate, the lower the

  standard of living.

• The lower the literacy rate, the lower the

  standard of living.