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Economics of Latin America

Total questions: 28

Worksheet time: 21mins

Name
Class
Date
1.
What type of economy has businesses that are controlled by both the government and citizens?
a)
Traditional
b)
Command
c)
Market
d)
Mixed
2.
Which statement is true about Cuba's economy?
a)
The government is not involved in the economy at all.
b)
Businesses and farms are owned by individuals.
c)
It is a traditional economy.
d)
The government controls what factories produce.
3.

What type of economy is Cuba closest to?

a)

Command

b)

Market

c)

Traditional

4.

Government rulers tell members of society how the fundamental questions will be answered.

a)

Command Economy

b)

Market Economy

c)

Traditional Economy

d)

Mixed Economy

5.

People simply follow tradition and do whatever their ancestors did (example- If grandfather and dad were fisherman, then son will be a fisherman).

a)

Command Economy

b)

Market Economy

c)

Traditional Economy

d)

Mixed Economy

6.

Even though Mr. Baker has the freedom to start a restaurant, he still has to follow government regulations and pay his employees $10.75 an hour.

a)

market

b)

mixed

c)

traditional

d)

command

7.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
8.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
9.
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
a)
Traditional 
b)
Market 
c)
Command 
d)
Centrally Planned 
10.
This type of government typically goes with the Command Economy.  
a)
Democracy
b)
Dictatorship
c)
Autocracy
d)
Communism
11.
In a command economy, who holds power over the economy?
a)
The people
b)
The government 
c)
Beyonce
d)
The traditions of your ancesetors 
12.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
13.
In which economic system could an individual make their own economic choices?
a)
Command
b)
Market
14.
Citizenship participation: Type of government where one person has complete control. People have no say in government.
a)
democracy
b)
oligarchy
c)
autocracy
d)
unitary
15.

Citizenship Participation:Type of government where leaders rule with consent of the citizens (people get to vote)

a)

autocracy

b)

democracy

c)

market

d)

unitary

16.
Type of democracy where citizens elect the legislative body (law-making body) and the law-making body appoints the executive branch
a)
presidential democracy
b)
direct democracy
c)
parliamentary democracy
d)
autocratic democracy
17.
Type of democracy where citizens vote directly for legislative body (law-making body) and executive branch
a)
presidential democracy
b)
parliamentary democracy
c)
absolute democracy
d)
autocratic democracy
18.

The people of Mexico and Brazil vote in two separate elections. One is to elect the executive branch and the other is to elect the members of the legislative branch. This is an example of which type of government?

a)

parliamentary democracy

b)

constitutional democracy

c)

presidential democracy

d)

pure market

19.

Which of the following Latin American countries is closest to a command economy?

a)

North Korea

b)

Cuba

c)

Brazil

d)

Mexico

20.
A tariff is when a _______ is put on an imported good
a)
Tax
b)
Limit
c)
Block
21.
A block or restriction on trade with another country is called
a)
Tariff
b)
Embargo
c)
Quota
22.
If a country produces one product at a fast pace and can do what they do best and trade for the rest, this is called what?
a)
Specialization
b)
Currency Exchange
c)
Tariff
23.
What is an entrepreneur?
a)
A worker in a company
b)
The person who takes a risk to start a business
c)
an inventor
d)
The person in commercials for a product
24.
The percentage of the population that can read and write is called.. 
a)
Literacy rate
b)
Life expectancy
c)
Death rate
d)
Birth rate
25.

A QUOTA is a:

a)

Tax used to discourage trade with foreign countries.

b)

Restriction or limit on the amount of a good that can be imported.

c)

Ban on trade, forbidding it with a certain country.

26.

What does NAFTA stand for?

a)

North American Free Trade Agreement

b)

North Atlantic Free Trade Agreement

c)

National Atlantic Free Trade Association

d)

North Atlantic Free Trade Association

27.

Which country is NOT part of the North American Free Trade Agreement?

a)

Mexico

b)

Brazil

c)

United States

d)

Canada

28.

NAFTA removed tariffs. What does this mean for the countries involved?

a)

Countries were charged more money.

b)

The governments of the countries involved ended trade with each other.

c)

They no longer paid taxes on imported goods.

d)

They paid more taxes on exported goods.

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