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Test Review for Latin America Government and Economy Test

Total questions: 122

Worksheet time: 2hrs 32mins

Name
Class
Date
1.
Who chooses the leader in a parliamentary democracy?
a)
citizens
b)
monarchy
c)
law-making body
d)
chancellor
2.
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
3.

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

4.
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
5.
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
6.

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

7.

Which of the following countries does NOT have a democratic citizenship participation?

a)

Brazil

b)

Cuba

c)

Mexico

d)

Canada

8.

What's the name of the legislative branch in a parliamentary democracy?

a)

congress

b)

executive

c)

federal

d)

parliament

9.

What title is given to the leader in Cuba?

a)

prime minister

b)

president

c)

chancellor

d)

king

10.

In which type of democracy are the executive and legislative branches independent and coequal?

a)

federal

b)

unitary

c)

presidential

d)

parliamentary

11.

In Emily's country, there is a senate in which citizens are elected to serve and can advise the president (leader). However the leader is very powerful and makes all the decisions and controls the civilian government and military.

a)

autocratic government

b)

parliamentary democracy

c)

presidential democracy

d)

oligarchic government

12.

How are Brazil and Mexico's citizenship participation similar?

a)

citizens only have one political party to vote for

b)

citizens do not have the right to vote

c)

citizens vote for legislative and executive branches

d)

citizens vote for legislators who choose head of government

13.

Which Latin American country requires its citizens by law to vote?

a)

Cuba

b)

Brazil

c)

Mexico

d)

United Kingdom

14.

What's the name of the one political party in Cuba?

a)

republican party

b)

democratic party

c)

communist party

d)

socialist party

15.

Which type of government would most likely abolish all opposing political parties, direct election of leaders, and freedom of speech?

a)

representative democracy

b)

autocracy

c)

direct democracy

d)

constitutional monarchy

16.

In which type of democracy is there more separation of power between the executive and legislative branches of government?

a)

presidential democracy

b)

parliamentary democracy

c)

unitary democracy

d)

constitutional monarchy

17.

Which best describes how the North American Free Trade Agreement encourages trade between member countries?

a)

It sets quotation items member countries can trade.

b)

It puts tariffs in place to slow trade with nonmember countries.

c)

It reduces trade barriers and increases trade between member countries.

d)

It allows member countries to decide what other countries can trade.

18.

What is one goal of the North American Free Trade Agreement?

a)

to remove tariffs

b)

to create a military

c)

to adapt a language

d)

to make a new currency

19.

Which form of government puts the power in a single person?

a)

autocracy

b)

democracy

c)

oligarchy

d)

confederation

20.

Which is true about a democracy?

a)

Leaders are elected by citizens

b)

Citizens do not vote for their leaders

c)

King or Queens rule autocratically in a democratic government

d)

Laws created in a democracy are more likely to protect the parliament

21.

Which country does not use a presidential democracy?

a)

United States

b)

Mexico

c)

Brazil

d)

Cuba

22.

Which type of government exists in Cuba?

a)

dictatorship

b)

monarchy

c)

parliamentary democracy

d)

presidential democracy

23.

One way that Mexico's government is different from the United States' government is that ______.

a)

the president is the chief executive

b)

the legislature is called the Congress

c)

citizens 18 years old and over may vote

d)

president can only serve one six-year term

24.

Which statement about political parties is true about Cuba?

a)

There are many political parties

b)

There is only one legal political party

c)

The leader of a political party cannot be president

d)

Those running for office may not be in the Communist

25.

Which country requires most adults to vote?

a)

Brazil

b)

Cuba

c)

Mexico

d)

United States

26.

Citizens of which country are considered to have the least freedom?

a)

Brazil

b)

Cuba

c)

Mexico

d)

United States

27.

Which pair of countries has governments that are most similar?

a)

Brazil and Cuba

b)

Mexico and Cuba

c)

Brazil and Mexico

d)

Cuba and the United States

28.

As with any small island country, Cuba has fewer natural resources than countries such as Brazil. This affects their trade in that Cuba ____.

a)

exports a wide variety of products because they have so few resources.

b)

should import fewer products because they have so few resources

c)

needs to import more products because they do not have all the resources they need

d)

does not import or export

29.

The limit on how many items can be imported into a country is the ___.

a)

demand

b)

quota

c)

supply

d)

tariff

30.

The economic system of communist countries is most closely related to which of the following:

a)

command economy

b)

market economy

c)

traditional economy

d)

mixed economy

31.

What three economic questions are asked when studying the similarities of traditional, command, market and mixed economies among nations of the world?

a)

What to produce, why to produce, when to produce?

b)

What is your opportunity cost, what economic resources are needed, why should these resources be used?

c)

What to produce, how to produce, for whom to produce?

d)

What is your opportunity cost, why are economic resources needed, when should these resources be used?

32.

The relationship between literacy rate and standard of living in Latin America is _____.

a)

literacy rate has not effect on the standard of living

b)

the higher the literacy rate the higher the standard of living

c)

the standard of living is independent of literacy rate

d)

low literacy rate creates a higher standard of living

33.

Economic decisions based on customs and beliefs are found in a ______.

a)

market economy

b)

free enterprise system

c)

traditional economy

d)

command economy

34.

In a command economy, economic decisions are made by the ____.

a)

consumers

b)

market

c)

government

d)

producers

35.

An illiterate person (can't read) is most likely to not have what?

a)

A low standard of living

b)

A high standard of living

36.

SS6CG1g Which of the following best explains citizen participation in Mexico?

a)

Mexico is an autocracy so citizens participate in the voting process and select their leaders.

b)

Mexico is an autocracy so citizens do not participate in the voting process and select their leaders.

c)

Mexico is a democracy so citizens participate in the voting process and select their leaders.

d)

Mexico is a democracy so citizens do not participate in the voting process and select their leaders.

37.

SS6CG1g Cuba has a type of government in which the ruler has absolute power and is not restricted by a constitution, laws, or the citizens. Name the type of government. (PS)

a)

Federal-Republic

b)

Autocracy

c)

Presidential democracy

d)

Parliamentary democracy

38.

SS6CG1g How are the governments of Brazil and Mexico similar?

a)

A single individual makes all government decisions.

b)

Citizens vote for government officials in a national election.

c)

A small group of citizens runs the entire government.

d)

Government officials inherit their positions through the royal family.

39.

SS6CG1h What is the difference between a parliamentary democracy and presidential democracy?

a)

In a parliamentary democracy, citizens vote for their president whereas in a presidential democracy citizens vote for the queen.

b)

In a parliamentary democracy, citizens vote for members of parliament. Parliament chooses their prime minister. In a presidential democracy, citizens vote for their President.

c)

In a parliamentary democracy, citizens vote for their prime minister. In a presidential democracy, the head of the government is a monarch.

d)

In a parliamentary democracy, citizens vote for members of the judicial branch. These members select a president from that group. In a presidential democracy, citizens vote for their prime minister.

40.

SS6G2a Which of the following best explains how specialization encourages trade between nations?

a)

Specialization encourages businesses to make a wide variety of items, that way it ensures that someone will want to trade with them.

b)

Countries that are allies will always want to trade with each other.

c)

Specialization allows nations to protect domestic markets from foreign competition and block the importation of dangerous products.

d)

Specialization allows nations to choose to market only those products/services which they are capable of providing fastest, cheapest, and in great abundance.

41.

SS6E1d Global agreements like NAFTA exist to make trade more affordable between member nations. They achieve this by eliminating ___________ on imported goods.

a)

quota

b)

tariffs

c)

embargo

d)

borders

42.

SS6E1a Which statement BEST compares a market economy to a command economy?

a)

In both market and command, the government controls the economic activity in a country.

b)

In both market and command, the government controls the economic activity in a country.

c)

In a market economy individuals decide for themselves what they will buy and sell, while the government decides in command economy.

d)

In a market economy there is no private ownership, while command promotes it.

43.

SS6E1b Which action would do the MOST to make Cuba’s economic system more like Brazil’s?

a)

increasing incentives to trade

b)

decreasing personal income tax rates

c)

decreasing government involvement in major industries

d)

increasing per capita income by not allowing a free market

44.

SS6E3a Based on the map of world literacy in 2011, what can you conclude about Latin America's literacy rate?

a)

Latin America is the region with the lowest literacy levels in the world.

b)

Latin America has high levels of literacy, except in a few countries in

Central America.

c)

South America shows the lowest level of literacy of all continents showed on the map.

d)

Latin America shows much higher literacy rates than all North America.

45.

SS6E3b Based on the information about "Latin America's Human Capital," you can affirm that:

a)

Cuba invests in educating its people.

b)

Cuba has a very low literacy rate, what affects heir GDP.

c)

Brazil, Cuba, and Mexico are not investing in human capital.

d)

Cuba's high GDP is due to its high literacy rate.

46.

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:

a)

An investment in human capital will increase the country's GDP.

b)

An investment in entrepreneurs will spark creativity in the country.

c)

An investment in capital goods will increase the country's GDP.

d)

An investment in human resources will help the country's economy.

47.

SS6E2d If members of NAFTA do not pay tariffs on goods traded among each other, then it can be said that members of NAFTA participate in what?

a)

GDP

b)

trade barriers

c)

embargo

d)

free trade

48.

SS6E2c Why does trade among Latin American countries require a system for exchanging currency between nations?

a)

The demand for products from Mexico, demands high exporting of specialized products from the maquiladoras, which under NAFTA, does not require currency exchange.

b)

Most people want to use American dollars to trade, so the need for currency exchanging is not required.

c)

Each has its own unique currency. For example, Mexico uses the peso, Brazil uses the real, and Panama uses both the U.S. dollar and the balboa, therefore without a method to convert currency, international trade would be impossible.

d)

Each country specializes in its own natural resources, so their is no need to convert money in order to trade.

49.

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:

a)

provide more job opportunities, improve working conditions, provide a better standard of living, and protect the rights of workers

b)

The governments would provide training to teach them to read and write, in order to increase the GDP of their country.

c)

provide education and healthcare for all citizens

d)

provide adequate shelter, food, and clean drinking water.

50.

SS6E3e Would one conclude that it is difficult to be an entrepreneur in Cuba?

a)

Yes, because of strict government control, private property strictly regulated, and limited trade and investment.

b)

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.

c)

Yes, because there is so much private business competition.

d)

No, because Cuba does not need many entrepreneurs because they make enough money from public sector businesses to maintain the country's high GDP.

51.

SS6E4b According to the picture, which country is the most market leaning?

a)

Cuba

b)

Brazil

c)

Mexico

d)

none of the above

52.

SS6E2b What is a benefit of trade barriers? (PS)

a)

to protect domestic markets from foreign competition

b)

to block the importation of dangerous products

c)

to sanction an enemy nation

d)

all answers are correct

53.

SS6E2b How do tariffs benefit a country's economy? (PS)

a)

by raising the standard of living

b)

A higher price for imported goods encourages citizens to produce more goods, which creates jobs for their country.

c)

by bringing global countries together to form an economic alliance

d)

raising the price of products to produce more profits

54.

SS6E2b Why would a country place a quota on imported goods? (PS)

a)

to reduce imports so that their own citizens have job opportunities

b)

to lower taxes

c)

to increase spending

d)

to increase exports of created goods

55.

SS6G1h A country's parliament votes to increase tariffs upon goods from another country. This is an example of

a)

A monarchy encouraging free trade.

b)

A socialist congress preventing free enterprise.

c)

A representative democracy preventing free trade.

d)

A communist government allowing freedom of speech.

56.

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)

A limit on trade

b)

A ban on trade for political reasons

c)

A tax on imported goods

d)

A ban on trade for religious reasons

57.

SS6E3 Which statement explains how Cuba's economy works under a communist government?

a)

Workers share in the profits of the companies that employ them.

b)

The Communist Party controls the government and all major businesses, including strictly regulating private property.

c)

Citizens vote in free elections, but the government controls the economy.

d)

The Communist Party controls the government, but businesses are in private hands.

58.

SS6E4b Most countries have a mixed economy located on a continuum between pure market and command. What does this statement mean?

a)

Most countries have stores that continue to sell goods only to the government.

b)

Most countries have a blend of market and command economies. Some are closer to command while others are closer to pure market.

c)

Most countries really have traditional economies where they do things the way that they always have.

d)

Most countries have a pure market or pure command economy.

59.

SSE3d According to the map, Mexico and Brazil are rich in which natural resources?

a)

sugar cane and tin

b)

aluminum and hydro-power

c)

natural gas and pigs

d)

oil and lumber

60.

Cuba is a ______________ country.

a)

Communist

b)

Republican

c)

Monarchy

61.

Brazil is a ______________ country.

a)

Communist

b)

Republican

c)

Monarchy

d)

Democratic

62.

Mexico is a ______________ country.

a)

Communist

b)

Republican

c)

Monarchy

d)

Democratic

63.

Why does Cuba have to import many products?

a)

It's economy leans more toward a command system.

b)

It is an island country.

c)

It is an island country with fewer natural resources than many other countries.

d)

It is an island country that has an abundance of natural resources.

64.

Which of the follow is one of the three questions asked when comparing economic systems?

a)

What are your economic resources?

b)

How will the goods be produced?

c)

What is the cost to produce goods?

d)

Should this risk be taken?

65.

Which is a logical conclusion for a country with a high GDP?

a)

It has a high literacy rate.

b)

It has a low literacy rate.

c)

Literacy is not a priority in the country.

d)

There is no relationship between a country's literacy rate and GDP.

66.

What factor of economic growth would increase a country's literacy rate and therefore it's GDP?

a)

investment in capital goods

b)

investment in the stock market

c)

investment in real estate

d)

investment in human capital

67.

Which choice is an investment in capital goods?

a)

Building a fancy office building

b)

Updating the companies logo

c)

Updating the companies technology

d)

Putting in vending machines for employees to use

68.

What countries are part of NAFTA?

a)

United States, Mexico, Congo

b)

United Kingdom, Mexico, Canada

c)

United States, Morocco, Canada

d)

United States, Mexico, Canada

69.

Which of the following Latin America countries is closest to a market economy?

a)

Brazil

b)

Mexico

c)

Venezuela

d)

Cuba

70.

What 3 factors are true if literacy rate is increased?

a)

People are able to improve their lives.

b)

A nation's industry improves.

c)

The government will stop supporting education.

d)

People will be able to get better jobs.

71.

Why is Mexico's economy considered a mixed-market economy?

a)

There are more private than public businesses.

b)

There are more public than private businesses.

c)

There are no public businesses.

d)

There are no private businesses.

72.

What economic factors would you have to consider to trade with another country?

a)

There type of currency

b)

The exchange rate

c)

The trade barriers that may be in place

d)

The population and GDP of that country

73.

What type of leadership does Brazil have?

a)

President

b)

Dictator

c)

Chancellor

d)

Prime Minister

74.

What government does the diagram illustrate?

a)

Presidential democracy

b)

Parliamentary democracy

c)

Communist dictatorship

d)

No government known to humankind

75.

What form of government is illustrated in the diagram?

a)

Presidential democracy

b)

Parliamentary democracy

c)

Military dictatorship

d)

Communist dictatorship

76.

Which of the following economic growth factors is most likely to be missing in a command economy?

a)

Entrepreneurship

b)

Physical Capital

c)

Natural resources

d)

Human Capital

77.

Use the list to answer the following question.

1. Brazil

2. Cuba

3. Mexico

Which of the listed countries are BEST characterized as mixed economies?

a)

1 and 2

b)

2 only

c)

1 and 3

d)

3 only

78.

Which of the following BEST describes the relationship between literacy and poverty in Latin America and elsewhere?

a)

Low literacy rates increase poverty.

b)

High literacy rates eliminate poverty.

c)

Poverty decreases literacy rates.

d)

Poverty increases literacy rates.

79.

Country A charges a 35% tax on automobiles imported into the country. This is an example of:

a)

a specialization

b)

a quota

c)

a tariff

d)

an embargo

80.

The North American Free Trade Agreement (NAFTA) had which of the following effects on US-Mexican relations?

a)

The agreement has led to important immigration reforms in the United States.

b)

The agreement has helped Mexico increase its overall trade.

c)

The US has issued a series of tariffs on Mexican-made products.

d)

The United States sponsored Mexico to join the World Trade Organization.

81.
a)

Presidential democracy

b)

Castro's Communist Government

c)

Parliamentary democracy

d)

oligarchy

82.

Which answer BEST describes how a parliamentary democracy differs from a presidential democracy?

a)

In a parliamentary democracy there are usually two main political parties; in the presidential system there is only one.

b)

In a presidential democracy, political power is shared between state and federal governments.

c)

In a parliamentary democracy, the head of the government is a member of the legislature; a president is not.

d)

The legislative branch in the presidential system is always unicameral.

83.

How might the form of government affect the role of the citizen in Cuba?

a)

Cuba has a dictatorship, which limits the voting rights of the citizens.

b)

Cuba has a dictatorship, which allows for greater voting rights of the citizens

c)

Cuba has a federal-republic system, which allows for greater voting rights of the citizens.

d)

Cuba has a federal-republic system, which limits the voting rights of the citizens

84.

Which country has an autocratic government?

a)

Brazil

b)

Canada

c)

Cuba

d)

Mexico

85.

A political system in which the supreme power lies in a body of citizens who can elect people to represent them. Also known as the RULE OF ALL. What is this?

a)

Autocracy

b)

Democracy

c)

Dictatorship

d)

Parliament

86.

Which two Latin American countries have a presidential democracy? (That we have learned!)

a)

Mexico

b)

Cuba

c)

Brazil

87.

Which two Latin America countries enforce and require cumplsutory voting?

a)

Mexico

b)

Brazil

c)

Cuba

88.

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

89.

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

90.

The workers who produce the goods and service (example-Miners, doctors and teachers)

a)

Human Capital

b)

Capital Goods

c)

Natural Resources

d)

Entrepreneurs

91.

Resources created by people to help produce other things such as tools, machinery, and equipment. Money is one!

a)

Human Capital

b)

Capital Goods

c)

Natural Resources

d)

Entrepreneurs

92.

Materials found in nature such as trees, oil, minerals and water.

a)

Human Capital

b)

Capital Goods

c)

Natural Resources

d)

Entrepreneurs

93.

Strong nations invest money in healthcare, education, and training citizens to do different kinds of jobs. What are these strong nations investing in?

a)

capital goods

b)

gross domestic product

c)

human capital

d)

physical capital

94.

Brazil is building new factories and using newer technology. What are these examples of?

a)

Opportunity costs

b)

Gross domestic product

c)

Investment in human capital

d)

Investment in capital goods

95.

Why do countries need to exchange currency in order to trade with other countries?

a)

So countries can limit their trade with other countries

b)

Because people want to use American dollars to trade

c)

Because banks do not like to exchange their money for other currencies

d)

To buy and sell goods and services with other countries

96.

An entrepreneur is a person who starts a business. Which is a way that entrepreneurs help increase a country’s GDP?

a)

Working to decrease the amount of goods sold in a country

b)

Closing businesses that are making too much money

c)

Creating businesses that give people jobs

d)

Writing laws to protect personal property

97.

If Mexico wants to increase its GDP, what should it do to invest more in physical capital?

a)

Stop giving money to educational programs

b)

Improve its inefficient factories and outdated technology

c)

Stop free trade with other nearby countries

d)

Become an autocratic country

98.

Juan, an auto mechanic, has decided his small town needs its own car repair shop. Jose bought the building and opened his shop. What is Jose an example of?

a)

trade surplus

b)

entrepreneur

c)

gross domestic product

d)

opportunity costs

99.

What reason would a American factory worker might not like NAFTA?

a)

American businesses might move to Mexico for cheaper labor costs, jobs lost in USA

b)

NAFTA products are cheaper for American consumers

c)

NAFTA removes tarriffs

100.

What countries are a part of NAFTA?

a)

North America, South America, Australia

b)

Brazil, Mexico, Cuba

c)

Canada, USA, Mexico

d)

Brazil, Mexico, USA

101.

Human Capital is an investment in

a)

oil

b)

computers

c)

training workers

d)

buildings

102.
An entrepreneur is  
a)
someone who takes the risk to start a new business
b)
one that has education and industry
c)
one that is working on education and industry
d)
value placed on one's education and skill 
103.
The value placed on one's education and skill is called 
a)
Developing country
b)
Capital (goods)
c)
Human capital 
d)
Developed country 
104.

Education, training, skills, and healthcare of the workers in a business or country are all investments in _________.

a)

natural resources

b)

human capital

c)

capital goods

d)

entrpreneurship

105.

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 ?

a)

Get a job so that she can earn Mexican pesos

b)

Exchange her Brazilian reais for Mexican pesos

c)

Pay a travel tariff to the government of Mexico

d)

Pay a travel subsidy to the government of Mexico

106.

Quota

a)

a limit of numbers

b)

A limit of imports

c)

a limit of exports

d)

a limit of words

107.

Building a new factory

a)

Capital Good

b)

Human capital

c)

Natural Resource

d)

entrepreneur

108.

Why is it important for countries to have a system for exchanging currencies from different countries?

a)

Makes the dollar more valuable

b)

Allows banks to deal in different currencies

c)

Makes products costs less

d)

Makes it possible to buy and sell goods in different countries

109.

Because country's currency is worth different amounts than others, countries must rely on

a)

Trade Barriers

b)

NAFTA

c)

Exchange Rates

d)

Embargos

110.

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?

a)

Tariff

b)

Embargo

c)

Quota

d)

Free Trade

111.

A limit to the number of imports that may enter a country

a)

tariff

b)

embargo

c)

demand

d)

quota

112.

A government order stopping trade with another country

a)

tariff

b)

embargo

c)

quota

113.

Which is an example of a quota?

a)

The U.S. stops trade with China.

b)

The U.S. limits the amount of foreign cars brought into our country.

c)

The U.S. pays a high tax on BMW cars brought into the country.

114.
In 1962, the United States prohibited all imports and exports to and from Cuba.
a)
Tariff
b)
Embargo
c)
Quota
115.
Why are most countries better off specializing in the production of particular goods, and then trading with other nations to obtain whatever else they need? 
a)
Transportation costs are lower than they were a century ago.
b)
Resources are not evenly distributed among countries.
c)
Greater investment of capital goods increases productivity.
d)
People have limited resources to satisfy unlimited wants. 
116.
Country X can manufacture a particular product better and at a lower cost than country Y can.
What conclusion can be drawn from this situation?
a)
Country X has solved the problem of scarcity.
b)
Country X should discontinue making that product.
c)
Country Y should try to produce the same product. 
d)
Country X should sell that product to Country Y.
117.
Read the following two statements:
1. Nation A produces cars more efficiently than it can grow food crops.
2. Nation A produces cars and buys food from Nation B.
What principle of economics is illustrated by these two statements?
a)
Laws of Supply and Demand
b)
Scarcity
c)
The Factors of Production
d)
Specialization
118.
A graphic organizer is shown:
Which would be the best title for this graphic organizer?
a)
Positive and Negative Effects of a Command Economy
b)
The Average Cost of Producing Goods and Services
c)
The Benefits of Specialization and Trade
d)
Improving the Skills of a Country's Workforce
119.
Countries benefit by specializing in the production of a limited number of goods.
How does this situation encourage trade among countries?
a)
Since a country cannot produce all of its needs, it makes sense for it to specialize in what it can produce efficiently, then trade with another country that specializes in what it needs.
b)
It does not encourage trade because all countries can produce whatever they want.
c)
Countries have unlimited resources so they don't need to specialize.
d)
Because Mr. Randa and Mr. Tonkli said so!
120.

When individuals or businesses concentrate on only a few things so they can become experts at those few things, it is called...

a)

Scarcity

b)

Specialization

c)

Standard of Living

d)

Supply and Demand

121.

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.

a)

Scarcity

b)

Trade

c)

Standard of Living

d)

Human Resources

122.
The definition of Scarcity is...
a)
An unlimited amount of resources to meet limited wants and needs
b)
A limited amount of resources to meet unlimited wants and needs.
c)
When people use time and energy to create events
d)
a city where individuals commit themselves to unlimited wants and needs