AKS 54 a,b,c Economic Systems Latin America Review

Which country from the diagram has the LEAST amount of economic freedom?

• Canada

• Cuba

• Mexico

• United States

How does Cuba's economy answer the three basic economic questions of what to produce, how to produce, and for whom to produce?

• The past guides all decisions about how to answer the basic economic questions.

• Supply and demand will determine how all the basic economic questions are answered.

• The government makes almost all the decisions about answering the basic economic questions.

• Supply and demand will answer the basic economic questions, but the government will make changes to guarantee fairness and productivity.

Where would the country being described be placed on the continuum?

• Market Leaning Mixed

• Command Leaning Mixed

• Middle of the Economic Continuum

• (._.)

Answer explanation

The government does regulate part of the government, but not a lot of it. Buyers and sellers are allowed to do mostly what they want outside of the oil industry.

In what ways are the Mexican and Brazilian economies similar?

• A) They are both mixed-market leaning economies.

• B) They are both mixed-command leaning economies.

• C) They are both pure market economies.

• D) They are both pure command economies.

What factor is used to classify economies as market, command, or mixed?

• the number of consumers in the economy

• the number of producers in the economy

• the abundance of natural resources in the economy

• the amount of government involvement in the economy

Which statement correctly compares elements of the economies of Brazil and Cuba?

• Cuba has a command economy and prices are mostly determined by competition between businesses. Brazil has a market economy and prices are mostly determined by the government.

• Brazil has a command economy and prices are mostly determined by the government. Cuba has a market economy and prices are mostly determined by competition between businesses.

• Cuba has a command economy and all basic economic decisions are made by the government. In Brazil, the government controls some industries, but plays a smaller role than the Cuban government in controlling production in most industries.

• Brazil has a command economy and all basic economic decisions are made by the government. In Cuba, the government controls some industries, but plays a smaller role than the Brazilian government in controlling production in most industries.

Based on the passage, which country's economy is closest to a market economy?

• Brazil

• Chile

• Cuba

• Mexico

Which of the following statements would be true about the countries (A, B, and C), placed on the economic continuum above?

• None of the countries have mixed economies.

• Country A has more private ownership than Country B.

• Country A has more government influence than Country C.

• Country C has more government influence than Country B.

In a traditional economic system, which type of goods are MOST often produced?

• A) agricultural products

• B) heavy industrial machinery

• C) military supplies

• D) electronics and computers

In what way are the Mexican and Brazilian economies similar?

• They are both mixed economies.

• They are both market economies.

• They are both command economies.

• They are both traditional economies.