Latin America Economic Check

Who is Mexico's Largest trading partner?

• Canada
• Germany
• China
• United States

The economies of Mexico and Brazil can be best described as:

• Mixed

• Market

• Command

• Traditional

For the most part, who answers the three basic economic questions in Mexico?

• Foreign investors
• Businesses
• Government
• Private Citizens

In a traditional economy, decisions about what, how, and for whom to produce are determined by:

• Individual preferences
• Cultural traditions, and beliefs

• Market demand
• Government regulations

In which area has Mexico specialized?

• Oil Production

• Telecommunications
• Tourism industry
• Agriculture sector

Which Latin American country is the closest to having a pure command economic system?

• Argentina
• Cuba
• Mexico
• Brazil

Which partnership was created to reduce trade barriers and increase trade in North America?

• Asian-Pacific Trade Partnership (APTP)
• European Union Trade Agreement (EUTA)
• North American Free Trade Agreement (NAFTA)
• South American Free Trade Agreement (SAFTA)

Cuba has not built new factories or used new technology in many years. What is the country NOT investing in?

• Old factories and outdated technology
• Agricultural development
• Infrastructure improvements
• Entrepreneurship

If a someone in Cuba wanted to engage in trade with a person in Mexico, what would the transaction require?

• A way to exchange of goods/services, and currencies

• Direct exchange of money without goods/services
• No agreement on terms
• Physical delivery of goods only

Sugar, tobacco, and citrus are all examples of which productive resource in Cuba?

• Manufacturing resources
• Natural resources

• Mining resources
• Tourism resources