WorksheetsLatin America Economics Unit
Total questions: 36
Worksheet time: 24mins
The___________ a country’s GDP, the better the country’s standard of living.
lower
greater
smaller
answers 1 and 3 are correct
What are the 4 factors that lead to a country’s economic growth?
investment in human capital, investment in physical capital, land (natural resources), entrepreneurship
good international relations, a democratic president, strict laws, freedom of press
a powerful military, strong dictatorial leadership, communist regime, little personal freedom
a monarchy, the World Bank, a parliamentary democracy, personal freedom
What are natural resources?
resources that are gone from nature
resources that are manufactured for the environment
resources that are considered worthless
materials or substances that occur in nature and can be used for economic gain.
What does human capital mean?
the place where the most people live within a country
the place where the most work is performed within a country
the people who perform labor (work)
the building where most people work in a country or state
Why should countries invest in developing human capital?
because the more people you have working in one area like a capital the more productive it will be
it leads to a lower GDP
it leads to lower literacy rate
investment in the education and skills training of people creates a smarter and more productive workforce, which relates to a higher GDP.
What are capital goods?
goods that are produced in the capital
the factories, machinery, and technology used to produce goods and services
goods that are produced without natural resources
goods that are produced by the government
What do entrepreneurs do?
represent business at the capital
make all the laws in regards to business
start their own business, invent something new, or change the way something was previously done so that it works better
work in politics with regards to foreign business
Your friend and you decide to open a snow cone stand. The training you give to the people you hire to run the stand are examples of which factor of production?
Capital Resources/Goods
Entrepreneurship
Human Capital
Natural Resources
Which of the following represents an investment in capital resources/goods?
providing free healthcare
modernizing machinery
providing skills training
subsidizing the cost of attending university
Which of the following is MOST likely to be true in a country with a high literacy rate?
a low standard of living
a high standard of living
little investment in human capital
too much investment in capital resources
Which of the following represents the term for "a product of the earth that people use to meet their needs"
capital goods
natural resource
human capital
entrepreneurship
Which of the following BEST represents the role of an entrepreneur?
A person who creates a new business
A leader (CEO) who runs the business
A worker in a factory who gets a raise for working hard
A student who decides to further their education and get their masters degree
In Country A, the government has offered incentives to companies that invest in continuing education and training for their employees. What factor of economic growth is the country working to improve?
capital goods
human capital
natural resources
entrepreneurship
In Country B, the government has offered incentives to companies that invest in improved technology and machinery in their factories. What factor of economic growth is the country working to improve?
capital goods
human capital
natural resources
entrepreneurship
The United Kingdom has large deposits of coal, petroleum, natural gas, iron ore, lead, zinc, and gold. The country will use these items to create products to sell. Which factor of production is being used to increase the GDP?
capital goods
human capital
natural resources
entrepreneurship
People that are willing to take risks and start new businesses or invent new items help to stimulate their countries economies. What factor of production does this represent?
capital goods
human capital
natural resources
entrepreneurship
Haiti invests in the expansion of its ports.
human capital
capital goods
Literacy is the ability to
do math
follow directions
read and write
The total dollar amount of all final goods and services produced in a country in a year.
Gross Domestic Product (GDP)
Gross Domestic Product per Capita
Standard of Living
Exports
The total dollar amount of all final goods and services produced in a country in a year divided by the country's population.
Gross Domestic Product (GDP)
Gross Domestic Product per Capita
Standard of Living
Scarcity
A limit to the number of imports that may enter a country
tariff
embargo
demand
quota
A government order stopping trade with another country
tariff
embargo
quota
Which is an example of a quota?
The U.S. stops trade with China.
The U.S. limits the amount of foreign cars brought into our country.
The U.S. pays a high tax on BMW cars brought into the country.
Rules used to try to limit trade with other countries
embargo
tariff
trade barriers
quota
Most Latin American countries are what type of economy?
Mostly traditional with some government involvement
Mostly market with little government involvement
Mostly mixed with some government regulation of industry
Mostly command with little private citizen involvement
