Latin America Government and Economics Review
Quiz by Philip Lyons
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- Q1
Mexico is investing in capital resources by building new factories and using newer technology. What will be the economic result?
There will be no change.
There will be Opportunity Cost and GDP will lower
Human Capital investment will Increase their GDP
Capital Goods investment will increase GDP
30s - Q2
If a country (like Cuba) is more Command Leaning on the Economic Continuum, what has to happen in order to make a move to be a more Market/Free Leaning Economy on the Continuum?
Decreasing personal income tax rates
Increasing per capita income by not allowing a free market
Increasing incentives to trade
Decreasing government involvement in key industries
30s - Q3
How does investment in capital resources by companies help a country increase its GDP?
They buy machines that produce more goods at a lower price so their profits are higher
Companies that invest in capital are able to create more entrepreneurs
When they spend more on capital resources, they pay higher taxes
Companies are able to send work to foreign countries where labor is cheaper
30s - Q4
How does specialization encourage trade between countries
Allows countries to establish success on one product and sell it to other countries that may need it
creates an assortment of products in one country and very few products in others
Produces such a plethora of ONE product that the country is forced to trade
Uses different natural resources that are shared between multiple countries
30s - Q5
Marco is an Coffee Bean Farmer in a nearby larger town. He has decided his own small town needs its Coffee Bean Company. Marco bought the building and opened his Store selling his home grown coffee beans. Marco is an example of
Trader
Entrepreneur
Monarch
Business Worker
30s - Q6
The BEST indication that Brazil’s standard of living was improving is __________.
Increase in saving the Rainforest
Decreased Population
Increase in Literacy Rates
Increase in International Trade
30s - Q7
The USMCA benefits the economies of the member nations by __________.
Identifying products to trade
Removing barriers
Setting specific prices
Establishing tariffs
30s - Q8
What is the BEST way to describe Brazil's government involvement with the economy?
Strictly regulates and controls all businesses.
People can start and run businesses with limited government involvement.
Businesses pay no taxes to the government.
Pays for the startup of businesses. = No need for entrepreneurs
30s - Q9
What type of government does Brazil have?
Constitutional Monarchy
Communist
Parliamentary Democracy
Presidential Democracy
30s - Q10
What type of government does Cuba have?
Presidential Democracy
Communist
Constitutional Monarchy
Parliamentary Democracy
30s - Q11
What type of government does Mexico have?
Presidential Democracy
Constitutional Monarchy
Communist
Parliamentary Democracy
30s - Q12
__________ AND __________ is a country with the strictest (MANDATORY) voting.
Users sort answers between categoriesSorting30s - Q13
What is an EXAMPLE of specialization?
A country buying ALL the goods needed from other countries without producing any on its own.
A company that makes MANY different types of goods
A book maker completes the process of making a book from cutting a tree for wood to producing his own paper
A factory focuses on making one or two types of goods and leaves the production of other goods to other factories
30s - Q14
Which of the following countries have a similar government?
None Listed
Brazil and Mexico
Cuba and Brazil
Cuba and Mexico
30s - Q15
__________ means that the citizens have a very limited role. The government is in complete control.
Democracy
Monarchy
Autocracy
Anarchy
30s