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WorksheetsBusiness Freedom Quiz
Total questions: 24
Worksheet time: 12mins
Which of the following countries has the least freedom to do business?
Brazil
Cuba
Canada
Mexico
Brazil is building new factories and using new technology. These are examples of:
Investment in human capital
Investment in natural resources
Opportunity Costs
Investment in capital goods
Which of these BEST describes the economy of Brazil?
a market-based economy with hardly any central economic planning
a command economy with hardly any market-based economic activity
a market-based economy with a fair amount of central economic planning
a command economy with a fair amount of market-based economic activity
How can Brazil improve entrepreneurship?
by limiting access to nonrenewable resources
by nationalizing economically important industries
by increasing regulations on the private sector
by making it easier to start a new business
Cattle ranching is important for Brazil's economy. However, large herds of cattle need lots of space to graze. Which of the following industries would MOST LIKELY suffer if cattle ranching expanded in Brazil?
agriculture
lumber
manufacturing
mining
What is true about literacy rate and how well off people are (or, the standard of living) in a country?
The higher the literacy rate, the higher the standard of living.
The lower the literacy rate, the higher the standard of living.
There is no relationship between the two.
What would be the BEST way for the government of Mexico to increase entrepreneurship in the country?
The government should increase regulations on businesses.
The government should strengthen economic barriers to trade.
The government should increase investment in human capital.
The government should strengthen environmental protection laws.
What is an advantage of specialization?
Factories CANNOT produce goods quickly.
A factory can produce more goods in less time for less money.
Workers do NOT become experts in their jobs.
A student decides to open his own lemonade stand in order to make money to buy an Xbox. This is an example of:
Human Capital
Capital Good
Natural Resource
Entrepreneur
Mr. Cunningham decides to send each of his new employees to a training to teach them how to become better salesmen. This is an example of:
Investment in capital goods
Investment in natural resources
Investment in human capital
Opportunity Costs
How did NAFTA, which is now called the United States-Mexico-Canada Agreement (USMCA), affect the Mexican economy?
There were fewer agricultural jobs in Mexico.
The price of most consumer goods increased.
Many service jobs were outsourced to the United States.
Trade between Mexico and Canada declined significantly.
Read the quotation about the United States-Mexico-Canada Agreement (USMCA) that replaced the North American Free Trade Agreement (NAFTA) and answer the question. According to President Trump, the main difference between USMCA and NAFTA is that
USMCA will create new jobs for US workers.
USMCA will outsource more jobs overseas.
NAFTA banned outsourcing jobs overseas.
NAFTA created more jobs for US workers.
The United States-Mexico-Canada Agreement (USMCA) replaced the North American Free Trade Agreement (NAFTA) of 1993 and set new rules for "free trade" between the three countries. What BEST describes "free trade" under the USMCA?
greater ability to exchange goods and services between countries
allowing one country to make trade decisions for other countries
allowing governments to ban the sale of products from other countries
greater freedom for countries to avoid involvement with other countries
Use the timeline to answer the question. What BEST completes the timeline?
United States-Mexico-Canada Agreement Signed
United Nations Formed
Treaty of Versailles Signed
North Atlantic Treaty Organization Formed
Brazil decides to place a tax on imports from Venezuela. This is an example of the following trade barrier:
Tariff
Embargo
Quota
NAFTA
What is true about literacy rate and the standard of living in a country?
The higher the literacy rate, the higher the standard of living.
The lower the literacy rate, the higher the standard of living.
There is no relationship between the two.
The higher the literacy rate, the lower the standard of living.
The lower the literacy rate, the lower the standard of living.
He decides to send each of his new employees to a training to teach them how to become better salesmen. This is an example of:
Investment in capital goods
Investment in natural resources
Investment in human capital
Opportunity Costs
Which item is an example of a natural resource?
Oil
Education
Ovens
Cars
Workers
Which of the following concepts is BEST illustrated by the information in the passage?
the impact of natural resources on innovation
the importance of technology to economic growth
the importance of infrastructure to economic growth
the impact of human capital investment on technology
What is true about specialization?
Factories CANNOT produce goods quickly because their workers are constantly being moved asked to learn new positions.
Workers do NOT become experts in their jobs because they are not well trained.
A factory can produce more goods in less time for less money because their workers know very well how to do a specific job.
Businesses will be quicker in selling their products in spite of the fact that their workers are disorganized.
A US company wants to trade with a company in Japan. Which of the following is necessary for these two companies to engage in trade?
Each company must ask their government for permission to do business overseas.
Each company must pay for a government employee to monitor every stage of the process.
Each company needs to make a one-time payment to the government of the country in which they wish to trade.
Each company needs to use a bank that calculates the value of its currency to the currency of the other country.
The United State prohibits all trade with Cuba. This is an example of the following trade barrier:
Quota
Tariff
Free-trade
embargo
The United Nations has decided to limit the amount of equipment that can be sold to Iran for makingnuclear fuel. This is an example of what trade barrier?
trade embargo
tariff
quota
NAFTA
Why is a system of currency exchange more important in Latin America than it is in western Europe?
Latin American countries use many different forms of money, while many western Europeancountries use the same money.
Latin American countries have mixed economies, while many western European countrieshave command economies.
Latin American countries do not have many resources, while most western Europeancountries have abundant resources.
