WorksheetsLatin America Economy
Total questions: 44
Worksheet time: 4hrs 40mins
Investing in new technology or tools
Human Capital
Capital Goods
Entrepreneur
Natural Resource
Investing in training your workers or citizens
Human Capital
Capital Goods
natural resource
entreprenuers
Building a new factory
Capital Good
Human capital
Natural Resource
entrepreneur
Providing health care for workers
Human capital
capital goods
entrepreneur
natural resource
Which country is more economically free?
Cuba
Mexico
A country that is part market and part command is known as a
Command Economy
Mixed Economy
Traditional Economy
None of the above
Oil, Trees, Water
Human Capital
Capital Good
Entrepreneur
Natural Resource
Bill Gates, Steve Jobs, Jay-z
Natural Resource
Human Capital
Capital Goods
Entrepreneur
Investing in human capital and capital goods will lower a country's GDP
True
False
The three basic economic questions a county must answer are when, why, and how much to produce
True
False
Which of the following is NOT one of the three questions asked when determining a country's economic system?
What goods/service are produced?
Where are goods/services produced?
How are goods/services produced?
For whom are goods/services produced?
How do people in a traditional economy usually exchange goods?
By selling them for money
By using credit/debit cards
By bartering
By writing checks
In which economic system does the government decide what is produced?
traditional
command
market
In which economic system do private businesses decide what is produced?
traditional
command
market
In which economic system do the customs of the past determine what is produced?
traditional
command
market
Which economic system do most democratic countries use?
traditional
command
mixed
When a country focuses on being really good at producing one thing, it's an example of __________
scarcity
specialization
interdependence
What is the purpose of a tariff?
to decrease price of imported goods
to increase the price of imported goods
to increase the price of exported goods
to decrease the price of exported goods
What is a quota?
limit placed on the quantity of imported goods
tax on imported goods
refusal to trade with another country
What is an embargo?
limit placed on the quantity of imported goods
tax on imported goods
refusal to trade with another country
What is human capital?
workers who make goods
factories and machines used to make goods
money used to train workers
Business owners who pay workers
What are capital goods?
workers who make goods
factories and machines used to make goods
money used to train workers
money used for scholarships to universities
Which of the following is an example of investing in capital goods?
Training workers
Hiring teachers
Building new factories
Why is it important for countries to have a system for exchanging currencies from different countries?
Makes the dollar more valuable
Allows banks to deal in different currencies
Makes products costs less
Makes it possible to buy and sell goods in different countries
What problems can arise if a country doesn't invest in human capital?
No money to pay workers
Workers learn the skills their need on their own
Businesses will not pay taxes to get good schools
Uneducated, unskilled, and unhealthy workers are less productive
What's one way that natural resources can help a country economically?
Allows a country to make money by importing these resources from other countries.
Allows a country to make money by exporting these resources to another country
increases a country's dependency on another
What is an entrepreneur?
Someone who provides the money to open and operate a business
Someone who loans money to someone else to open and operate a business
Someone who hires workers for a business.
What is GDP?
a portion of the goods/services produced in a country for a year
total number of imports/exports in a country for a year
total value of goods/services produced in a country for a year
Which of the following is NOT a factor of production that influences a country's economic growth?
Natural resources
Human capital
Capital goods
Tariffs
What's the correlation between a country's literacy rate and their GDP?
The higher a country's literacy rate, the lower its GDP.
The higher a country's literacy rate, the higher its GDP.
A country's literacy rate and GDP have no effect on one another.
NAFTA allows for what?
Cheaper trade between North American countries
More expensive trade between North American countries
Higher paying jobs in Canada and the United States
Very low wages for workers across North America
What were the expected economic benefits of NAFTA?
NAFTA would lead to a decrease in the standard of living
NAFTA would create the largest geographical free-trade zone
Tariffs, Quotas, and Embargoes would increase due to NAFTA.
A. Countries could specialize in producing goods for which they had abundant resources for.
What is the purpose of the North American Free Trade Agreement (NAFTA)?
Remove tariffs between Canada, Mexico, and the US
Promote travel of citizens between Canada, Mexico, and the US
Create a common currency between Canada, Mexico, and the US
Decrease competition between producers in Canada, Mexico, and the US
Factors that influence economic growth that can help raise the GDP are human capital, capital goods, natural resources, and entrepreneurship.
True
False
This term refers to the limited Supply of something. Ex: Fresh Water in a desert.
Abudance
Scarcity
Quota
None of the above
Because country's currency is worth different amounts than others, countries must rely on
Trade Barriers
NAFTA
Exchange Rates
Embargos
The U.S refuses to trade with Cuba because they are communist. This is an example of which trade barrier?
Tariff
Quota
Embargo
Free Trade
Japanese fisherman limit the amount of fish imported from China, to encourage domestic purchasing of Japanese fish. This is an example of which trade barrier?
Tariff
Embargo
Quota
Free Trade
A tax placed on imported goods.
Tariff
Embargo
Quota
Free Trade Zone
When a country only produces those items that it can make the fastest, best, and most cost effective this is known as
Trade Barriers
Quotas
Specialization
Opportunity
Which of the following is an example of an export for the USA?
America sells paper to Germany
Germany sells printers to America
America sells printers to central Florida
South Africa buys meat from Chile
What correlation does literacy rate have with standard of living?
the higher the literacy rate the lower the standard of living
the higher the literacy rate the higher the standard of living
the lower the literacy rate the higher the standard of living
