WorksheetsEconomic Understandings of Latin America Concept Packet
Total questions: 10
Worksheet time: 5mins
What type of economy is based on customs and traditions?
Command
Market
Traditional
Mixed
Which Latin American country’s economy is most controlled by the government?
Brazil
Mexico
Argentina
Cuba
Which economic system relies on individual choice and private businesses making decisions?
Traditional
Mixed
Command
Market
What type of economic system do Brazil and Mexico both have?
Command
Mixed Market
Pure Market
Traditional
What is bartering?
Using credit to trade goods
Trading without using money
Paying with foreign currency
Government-controlled trade
What are the three basic economic questions every system must answer?
When to sell, what to trade, who to contact
What to produce, how to produce, for whom to produce
Where to work, when to work, why to work
What to earn, how to save, where to invest
What is a tariff?
A limit on the number of exports
A complete ban on trade
A tax on imported goods
A tax on domestic products
Why is currency exchange necessary for international trade?
Every country has the same value of money
Not all countries use money
Countries use different currencies with different values
Only U.S. dollars are accepted globally
What has been a major investment in human capital for Brazil, Mexico, and Cuba?
More military spending
Free public education
Exporting labor
Expanding factories
What was one major goal of NAFTA (USMCA)?
Stop all imports
Create one common currency
Make trade easier between the U.S., Canada, and Mexico
Expand immigration to North America
