Latin American Econ Quiz (1st)

What are the three economic questions a country must answer when developing its economic plan?

• What goods/services will be produced? How will goods/services be produced? Who will consume the goods/services?

• How many states are there? What is the capital city? What languages are spoken?

• What is the national animal? What is the national sport? What is the national dish?

What kind of economic system does Mexico have?

• Command Economy

• Mixed Economy

• Market Economy

Cuba's economy is only _____ free and ______ controlled.

• 33% free and 77% controlled

• 50% free and 50% controlled

• 70% free and 30% controlled

What is a mixed economy?

• An economic system based on traditional customs and beliefs

• An economic system based on government control of all resources

• An economic system that has characteristics of both a command and a market economy

What are the economic systems?

• Traditional, Command and Market

• Democratic, Republican and Monarchy

• Local, National and International

What is a command economy?

• An economy run by the community as a whole

• An economic system based on strict government control

• An economy based on the trading of goods and services

In Mexico, the government charges what in order to pay for infrastructure and social services?

• Usage Fees

• Export Tariffs

• High Taxes

What is a traditional economy?

• a system based on government control

• a system based on traditional customs and beliefs of the past

• a system based on world hunger

what is a market economy?

• a system based on supply and demand in the market place

• a system based on what the state wants to buy and sell

• a system based off of strict economic decisions

What kind of economic system does MEXICO, BRAZIL and CUBA have? ( YOU SHOULD HAVE THREE ANSWERS)