WorksheetsLatin America's Specialization, Trade Barriers, Currency Exchange, & NAFTA
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Why do countries trade goods with each other?
a)
To keep all resources for themselves
b)
Because no country has all the resources it needs
c)
To limit the availability of goods
d)
To increase the cost of items produced
2.
Why is specialization important for countries?
a)
It makes items more expensive
b)
It leads to higher production costs
c)
It helps countries focus on what they do best
d)
It decreases trade opportunities
3.
Which country specializes in automobile production?
a)
Brazil
b)
Mexico
c)
Venezuela
d)
Cuba
4.
What is a natural trade barrier?
a)
River
b)
Desert
c)
Airport
d)
Ocean
5.
What is the purpose of tariffs?
a)
To decrease prices of imported goods
b)
To increase consumer choices
c)
To place a tax on exported goods
d)
To make imported goods more expensive
6.
What do embargoes do?
a)
Encourage trade with other countries
b)
Ban trade with another country
c)
Decrease taxes on imports
d)
Increase international partnerships
7.
What is currency used for?
a)
Making phone calls
b)
Buying goods and services
c)
Watching movies
d)
Exercising
8.
What does the exchange rate determine?
a)
The value of a nation\'s currency in relation to another
b)
The price of oil
c)
The number of banks in a country
d)
The cost of living
9.
What agreement was signed by Canada, Mexico, and the United States in 1994?
a)
European Union
b)
South American Free Trade Agreement
c)
North American Free Trade Agreement
d)
Asian Trade Alliance
10.
What is one key function of NAFTA?
a)
Increasing tariffs
b)
Setting up more trade barriers
c)
Establishing environmental regulations
d)
Decreasing cross-border investments
11.
What has NAFTA helped promote among the US, Mexico, and Canada?
a)
Decreased trade volume
b)
Limited economic growth
c)
Increased trade and economic integration
d)
Restricted sale of goods
12.
Which country specializes in exporting crude oil?
a)
Brazil
b)
Venezuela
c)
Mexico
d)
Peru
13.
Which country sets tariffs on imported coffee to promote its locally produced coffee?
a)
Chile
b)
Brazil
c)
Colombia
d)
Peru
14.
What are political trade barriers?
a)
Restrictions on imports
b)
Regulations to limit international travel
c)
Laws to control trade
d)
Policies to restrict and regulate trade
15.
What is the largest exporter of goods and services in Latin America?
a)
Venezuela
b)
Mexico
c)
Cuba
d)
Brazil
16.
What makes it easier to trade across the world?
a)
Currency exchange
b)
Higher tariffs
c)
Trade embargoes
d)
Decreased exchange rates
17.
Why is it dangerous for Venezuela to heavily depend on oil production?
a)
Oil prices are stable
b)
It limits the country\'s trade revenue
c)
Oil is a limited resource
d)
Economic instability if oil prices drop
18.
What does an embargo against a country do?
a)
Increases trade with that country
b)
Bows trade with another country
c)
Promotes international cooperation
d)
Blocks all trade with that country
19.
How has the US embargo affected Cuba\'s economy?
a)
Boosted economic growth
b)
Decreased poverty levels
c)
Negatively impacted the economy and livelihoods
d)
Improved technology and efficiency
20.
What percentage of Latin America\'s exports come from Brazil?
a)
10%
b)
30%
c)
40%
d)
60%
100 %
