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WorksheetsEconomics of Latin America
Total questions: 65
Worksheet time: 55mins
Why does Cuba have to import many products?
It's economy leans more toward a command system.
It is an island country.
It is an island country with fewer natural resources than many other countries.
It is an island country that has an abundance of natural resources.
Which of the follow is one of the three questions asked when comparing economic systems?
What are your economic resources?
How will the goods be produced?
What is the cost to produce goods?
Should this risk be taken?
Which is a logical conclusion for a country with a high GDP?
It has a high literacy rate.
It has a low literacy rate.
Literacy is not a priority in the country.
There is no relationship between a country's literacy rate and GDP.
What factor of economic growth would increase a country's literacy rate and therefore it's GDP?
investment in capital goods
investment in the stock market
investment in real estate
investment in human capital
Which choice is an investment in capital goods?
Building a fancy office building
Updating the companies logo
Updating the companies technology
Putting in vending machines for employees to use
What countries are part of NAFTA?
United States, Mexico, Congo
United Kingdom, Mexico, Canada
United States, Morocco, Canada
United States, Mexico, Canada
Which of the following Latin America countries is closest to a market economy?
Brazil
Mexico
Venezuela
Cuba
What 3 factors are true if literacy rate is increased?
People are able to improve their lives.
A nation's industry improves.
The government will stop supporting education.
People will be able to get better jobs.
Why is Mexico's economy considered a mixed-market economy?
There are more private than public businesses.
There are more public than private businesses.
There are no public businesses.
There are no private businesses.
What economic factors would you have to consider to trade with another country?
There type of currency
The exchange rate
The trade barriers that may be in place
The population and GDP of that country
Why is it important for a business to understand the currency exchange system?
So they can make all money the same.
So they can do business with only those countries that exchange at a higher rate.
So they know the value of their money versus that of their trading partner so they can trade goods.
So they know which bank to go to for exchanging the currency.
What guides the 3 economic questions in a command economy?
supply and demand
the government
decisions passed down by ancestors
Nothing. It just works itself out.
What guides the 3 economic questions in a market economy?
supply and demand
the government
decisions passed down by ancestors
Nothing. It just works itself out.
What guides the 3 economic questions in a mixed economy?
supply and demand with some government regulations
the government with some private regulations
decisions passed down by ancestors
Nothing. It just works itself out.
SS6G2a Which of the following best explains how specialization encourages trade between nations?
Specialization encourages businesses to make a wide variety of items, that way it ensures that someone will want to trade with them.
Countries that are allies will always want to trade with each other.
Specialization allows nations to protect domestic markets from foreign competition and block the importation of dangerous products.
Specialization allows nations to choose to market only those products/services which they are capable of providing fastest, cheapest, and in great abundance.
SS6E1d Global agreements like NAFTA exist to make trade more affordable between member nations. They achieve this by eliminating ___________ on imported goods.
quota
tariffs
embargo
borders
SS6E1a Which statement BEST compares a market economy to a command economy?
In both market and command, the government controls the economic activity in a country.
In both market and command, the government controls the economic activity in a country.
In a market economy individuals decide for themselves what they will buy and sell, while the government decides in command economy.
In a market economy there is no private ownership, while command promotes it.
SS6E1b Which action would do the MOST to make Cuba’s economic system more like Brazil’s?
increasing incentives to trade
decreasing personal income tax rates
decreasing government involvement in major industries
increasing per capita income by not allowing a free market
SS6E3a Based on the map of world literacy in 2011, what can you conclude about Latin America's literacy rate?
Latin America is the region with the lowest literacy levels in the world.
Latin America has high levels of literacy, except in a few countries in
Central America.
South America shows the lowest level of literacy of all continents showed on the map.
Latin America shows much higher literacy rates than all North America.
SS6E3c If the leader of a country's plan is to improve the economy by encouraging companies to invest in new computers and wireless communication systems, s/he would be basing his/her plan on the conclusion that:
An investment in human capital will increase the country's GDP.
An investment in entrepreneurs will spark creativity in the country.
An investment in capital goods will increase the country's GDP.
An investment in human resources will help the country's economy.
SS6E2d Besides the economic agreements, stated in the Preamble of NAFTA, the United States, Canada, and Mexico also agreed to do the following for workers:
provide more job opportunities, improve working conditions, provide a better standard of living, and protect the rights of workers
The governments would provide training to teach them to read and write, in order to increase the GDP of their country.
provide education and healthcare for all citizens
provide adequate shelter, food, and clean drinking water.
SS6E3e Would one conclude that it is difficult to be an entrepreneur in Cuba?
Yes, because of strict government control, private property strictly regulated, and limited trade and investment.
No, foreign investment in the country is at an all-time high, government loans are at low interest rates, and approval for bank loans have improved.
Yes, because there is so much private business competition.
No, because Cuba does not need many entrepreneurs because they make enough money from public sector businesses to maintain the country's high GDP.
SS6E4b According to the picture, which country is the most market leaning?
Cuba
Brazil
Mexico
none of the above
SS6E2b The change in Cuba’s government following the Communist Revolution led to the U.S. placing an embargo on trade with Cuba. An embargo is best described as: (PS)
A limit on trade
A ban on trade for political reasons
A tax on imported goods
A ban on trade for religious reasons
SS6E4b Most countries have a mixed economy located on a continuum between pure market and command. What does this statement mean?
Most countries have stores that continue to sell goods only to the government.
Most countries have a blend of market and command economies. Some are closer to command while others are closer to pure market.
Most countries really have traditional economies where they do things the way that they always have.
Most countries have a pure market or pure command economy.
What type of economy is Cuba closest to?
Command
Market
Traditional
Government rulers tell members of society how the fundamental questions will be answered.
Command Economy
Market Economy
Traditional Economy
Mixed Economy
People simply follow tradition and do whatever their ancestors did (example- If grandfather and dad were fisherman, then son will be a fisherman).
Command Economy
Market Economy
Traditional Economy
Mixed Economy
The workers who produce the goods and service (example-Miners, doctors and teachers)
Human Capital
Capital Goods
Natural Resources
Entrepreneurs
Resources created by people to help produce other things such as tools, machinery, and equipment. Money is one!
Human Capital
Capital Goods
Natural Resources
Entrepreneurs
Materials found in nature such as trees, oil, minerals and water.
Human Capital
Capital Goods
Natural Resources
Entrepreneurs
Strong nations invest money in healthcare, education, and training citizens to do different kinds of jobs. What are these strong nations investing in?
capital goods
gross domestic product
human capital
physical capital
Brazil is building new factories and using newer technology. What are these examples of?
Opportunity costs
Gross domestic product
Investment in human capital
Investment in capital goods
Why do countries need to exchange currency in order to trade with other countries?
So countries can limit their trade with other countries
Because people want to use American dollars to trade
Because banks do not like to exchange their money for other currencies
To buy and sell goods and services with other countries
An entrepreneur is a person who starts a business. Which is a way that entrepreneurs help increase a country’s GDP?
Working to decrease the amount of goods sold in a country
Closing businesses that are making too much money
Creating businesses that give people jobs
Writing laws to protect personal property
Human Capital is an investment in
oil
computers
training workers
buildings
A country that allows it's building and factories to fall apart means they don't not invest in
Human Capital
Natural Resources
Entrepreneurs
Capital Goods
Adriana lives in Brazil.She is planning a trip to visit her sister,who recently moved to Mexico.She plans to take a taxi from the airport when she arrives sin Mexico.What must she do in order to pay for the taxi ?
Get a job so that she can earn Mexican pesos
Exchange her Brazilian reais for Mexican pesos
Pay a travel tariff to the government of Mexico
Pay a travel subsidy to the government of Mexico
Strong nations invest money in healthcare, education, and training citizens to do different kinds of jobs. What are these strong nations investing in?
capital goods
gross domestic product
human capital
physical capital
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 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
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.
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
Why does Cuba have to import many products?
It's economy leans more toward a command system.
It is an island country.
It is an island country with fewer natural resources than many other countries.
It is an island country that has an abundance of natural resources.
Which is a logical conclusion for a country with a high GDP?
It has a high literacy rate.
It has a low literacy rate.
Literacy is not a priority in the country.
There is no relationship between a country's literacy rate and GDP.
