Latin America Economy
Quiz by Benjamin Rousseau
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- Q1
What type of economy does Cuba have?
Anarchist
Command
Mixed
Market
30s - Q2
What type of economy does Brazil have
Market
Command
Mixed
30s - Q3
What kind of economy does Mexico have
Mixed
Market
Command
30s - Q4
What are the 3 trade barriers
Embargoes, Tariffs, Quotas
Embargoes, Tariffs, Subsides
30s - Q5
What is Human Capital
People who perform labor
People with new ideas that are willing to take risks
Items that people need to perform their jobs
Resources that come from nature
30s - Q6
What are capital goods
Resources that come from nature
People who perform labor
Items that people need to perform jobs
People with new ideas that are willing to take risks
30s - Q7
What are natural resources
Resources that come form nature
People who perform labor
Items that people need to perform their jobs
People with new ideas who are willing to take risks
30s - Q8
What is a Entrepreneur
People with new ideas who are willing to take risks
People who perform labor
Resources that come from nature
Items that people need to perform their jobs
30s - Q9
What 3 questions must every economic system ask
What, How, and for Whom to produce
for Whom, How, and When to produce
Why,When, and where to produce
30s - Q10
What is the relationship between GDP, Standard of living and literacy rate
High literacy rate + Low standard of living = High GDP
Low Literacy rate + Low standard of living = Low GDP and Vice Versa
Low literacy rate + High standard of living = High GDP and vice versa
30s - Q11
How does a Traditional economy answer these questions
Based on what the government wants
Based on supply and demand
Based on what their ancestors did
30s - Q12
How does a command economy answer these questions
Based on supply and demand
Based on what the government wants
Based on traditions
30s - Q13
How does a market economy answer these questions
Based on supply and demand
Based on what the government wants
Based on traditions
30s - Q14
Who answers the economic questions in a Traditional economy
The government
Private business owners
The community
30s - Q15
Who answers the economic questions in a Market Economy
The government
Private business owners
The community
30s