SS6E1 Latin America Economic Systems

Which Caribbean nation is an example of rule by one?

• Cuba

• Haiti

• Jamaica

• Trinidad

This is the strongest economy of all the South American countries 

• Venezuela 

• Colombia

• Cuba

• Brazil

What type of economic system does Brazil have?

• Mixed

• Market

• Traditional 

• Command

All countries have some form of mixed economy. What type of mixed economic system does Cuba have?

• Market

• Traditional

• Command

This country is the #1 producer of coffee in the world

• Brazil

• Mexico

• Bolivia

• Cuba

Which action would do the MOST to make Cuba’s economic system more like Brazil’s?

• increasing incentives to trade

• decreasing personal income tax rates

• decreasing government involvement in key industries

• increasing per capita income by not allowing a free market

Who makes economic decisions in a command economy?

• market

• producers

• consumers

• government

What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies 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?

Which of the following would reflect a country with a mixed economy?

• Prices and wages are solely regulated by a country’s government.

• A combination of privately-owned industry and government control.

• A country’s distribution of resources is based on inheritance.

• Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.

What do the economic systems of Brazil and Mexico have in common?

• Both are examples of pure market economies.

• Both are examples of mixed economies.

• Both are examples of traditional economies.

• Both are examples of command economies.