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WorksheetsEconomies of Latin America
Total questions: 37
Worksheet time: 19mins
What are the 3 basic economic questions?
What to produce?
How to produce it?
For whom to produce it for?
What to produce?
When to produce it?
Where to produce it?
Who to produce?
When to produce it?
Why to produce?
Where to produce?
How much to produce?
Why to produce it?
What are the 4 types of economic systems?
Presidential, Parliamentary, Autocratic, Democratic
Presidential, Parliamentary, Federal, Unitary
Mixed, Market, Command, & Traditional
Mixed, Capitalist, Communist, Traditional
Which economic system best fits this description:
Traditions and customs determine how a country answers the 3 basic economic questions, and typically features bartering (trading).
Ex: Native tribes in the Amazon Rainforest
Command Economy
Traditional Economy
Mixed Economy
Market Economy
Which economic system best fits this description:
Supply and Demand determine how a country answers the 3 basic economic questions, and does not feature any government involvement in the economy.
Ex: None, but Hong Kong and Macao come the closest in fitting this description.
Market Economy
Command Economy
Mixed Economy
Traditional Economy
Which economic system best fits this description:
The government determines how a country answer the 3 basic economic questions; this type of economic system is usually pursued by Communist countries.
Ex: None, but the Soviet Union, North Korea, and Cuba are close.
Market Economy
Traditional Economy
Mixed Economy
Command Economy
Which economic system best fits this description:
Supply and Demand help determine how a country answers the 3 basic economic questions, but the government also plays a role in the economy in the form of regulations, government-owned companies, and taxes.
Ex: Almost every country in the world has this economic system.
Mixed Economy
Market Economy
Command Economy
Traditional Economy
True or False:
Mixed-Market means that a country has a Mixed Economy, but it leans more toward a Market Economy.
True
False
True or False:
Mixed-Command Economy means that a country has a Mixed Economy that leans more toward a Command Economy.
True
False
Which country has a Mixed-Command Economy?
Cuba
Brazil
Mexico
Which countries have a Mixed-Market Economy?
Cuba
Brazil
Mexico
What is a Trade Barrier?
Something that bans trade between nations.
Importing goods from a country.
Something that restricts or bans trade between nations.
Exporting goods to a country.
Which would be an example of a Physical Trade Barrier?
Embargo
The Swiss Alps
Quota
Tariff
What is a Physical Trade Barrier?
An outright ban on trade between two nations.
A tax placed on imported goods.
A limit on the amount of goods coming from another country.
A geographic feature that can slow down trade or make trade impossible between countries.
What is a Quota?
A limit on the amount of goods imported from another country.
A tax placed on imported goods.
An outright ban on trade between two nations.
A geographic feature that slows down trade or makes trade impossible between countries.
What is a Tariff?
A limit on the amount of imports coming from another country.
A geographic feature that slows down trade, or makes trade impossible between countries.
An outright ban on trade between two countries.
A tax placed on imported goods.
What is an Embargo?
A geographic feature that slows down trade, or makes trade impossible between countries.
An outright ban on trade between two countries.
A limit on the amount of imports coming from another country.
A tax placed on imported goods.
What kind of Trade Barrier does the example describe:
The United States banned all trade with Cuba over the Cuban Missile Crisis.
Quota
Tariff
Physical Trade Barrier
Embargo
What kind of Trade Barrier does the example describe:
The United States placed a limit on the amount of agricultural goods coming from Japan in order to protect American farmers from foreign competition.
Embargo
Quota
Tariff
Physical Trade Barrier
What kind of Trade Barrier does the example describe:
The harsh terrain of the Sahara Desert makes trading very difficult in large quantities between North Africa and the African countries to the South.
Physical Trade Barrier
Tariff
Quota
Embargo
What kind of Trade Barrier does the example describe:
The United States placed a 20% tax on all imported Chinese steel in order to make consumers buy domestically produced steel.
Embargo
Physical Trade Barrier
Quota
Tariff
What does NAFTA stand for?
North American Free Trade Agreement
North Atlantic Free Trade Agreement
Northern Atlantic Freedom of Trade Agreement
North American Federation of Trained Athletes
What is the new name of NAFTA?
YMCA
USMCA
UMCA
NASA
What does USMCA stand for?
United States Mexico Canada of America
United States Marine Corps Agreement
United States of Mexico and Canada Agreement
United States Mexico Canada Agreement
What impact did NAFTA have?
Enforced more regulations, and lowered trade restrictions between the US, Mexico, and Canada
Caused prices of goods to rise between the United States, Canada, and Mexico.
The United States, Mexico, and Canada placed embargoes on each other.
It caused the United States, Mexico, and Canada have a Market Economy.
What is Specialization?
When a person or a country only knows how to do one thing.
When person or a country focuses on doing what they're best at more than other areas.
When country prioritizes trade with other countries.
When a person or country only does what they're best at.
What country is this?
Mexico
Brazil
Cuba
What country is this?
Mexico
Brazil
Cuba
What country is this?
Mexico
Brazil
Cuba
What is human capital?
The economic value of a worker's experience and skills.
The amount of workers working for a business.
The labor force of an entire country.
The ability to read and write.
How do you increase human capital?
Build less schools.
Invest in public education.
Hire more workers.
Spend more money on infrastructure.
What is literacy rate?
The amount of people that are living in poverty in a country.
The quality of life in a country.
How many books a population has read on average.
How many people in a country that can read or write.
Which economic system provides the MOST freedom?
Market Economy
Command Economy
Mixed Economy
Traditional Economy
Exchanging US dollars to Mexican pesos is an example of what?
Standard of living
Inflation rate
Monetary policy
Currency Exchange
A US Dollar is worth 19.88 Mexican pesos; what is this called?
Monetary Policy
Exchange rate
Currency Exchange
Inflation
What were some of the negative effects of NAFTA/USMCA?
Pollution
Free Trade
Trade Barriers
Mexican farmers were laid off
How does a country improve its standard of living?
Spend less on human capital.
Invest in public education.
Increase the size of the labor force.
Territorial Expansion.
How do high literacy rates help a country's economy?
It increases the country's ability to do skilled labor.
It increases poverty.
It increases capital goods.
It increases taxes.
