The Economy of Cuba

Cuba's economy is a unique blend of capitalism and communism, shaped by historical influences from the US and the Soviet Union. Despite its natural resources and educated workforce, Cuba struggles economically due to past American corporate dominance and the collapse of the USSR. The Cuban Revolution led to nationalization, but US trade embargoes and the loss of Soviet support caused economic hardship. In response, Cuba opened up to tourism and foreign investment, leading to some economic improvement. However, challenges remain, such as low salaries for professionals and reliance on tourism.

What is one of the main reasons Cuba has not reached its full economic potential?

• Unfavorable climate for tourism

• Combination of capitalism and socialism

• Poor education system

• Lack of natural resources

In the early 20th century, what was a significant factor in Cuba's economic growth?

• Trade with European countries

• Nationalization of industries

• American investment in infrastructure

• Discovery of gold reserves

What was a major consequence of the Cuban Communist Party's rise to power in 1959?

• Increased foreign investment

• Adoption of a capitalist economy

• Strengthened ties with the United States

• Nationalization of major industries

How did the Soviet Union support Cuba during the Cold War?

• By establishing military bases

• By providing nuclear weapons

• By purchasing Cuban sugar

• By sending troops to Cuba

What was a significant impact of the USSR's collapse on Cuba?

• Severe economic downturn

• Discovery of new oil reserves

• Increase in sugar prices

• Strengthened trade with the USA

How did Cuba respond to economic challenges in the 1990s?

• By legalizing US currency

• By nationalizing more industries

• By increasing military spending

• By closing its borders to tourism

What is a unique aspect of Cuba's modern economy?

• US dollars are not accepted

• Doormen can earn more than doctors

• Tourism is not allowed

• Doctors earn more than doormen

What is a major challenge for Cuba's economy today?

• Balancing socialism with economic growth

• Lack of educated workforce

• Over-reliance on a single trade partner

• Decline in tourism

What role does education play in Cuba's economy?

• It reinforces socialist ideologies

• It is not a priority for the government

• It discourages socialist ideologies

• It promotes capitalist values

What is a potential future outcome for Cuba as its citizens become wealthier?

• Increased reliance on foreign aid

• Stronger ties with the Soviet Union

• Decreased interest in tourism

• Greater awareness of self-improvement