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L. Amer. Economics

Latin American Economics

What are 3 economic questions that are asked of each economy? What to produce? How to produce? For whom to produce?
What is a traditional economy? customs & habits are passed down from generation to generation. Living off the land.
What is a market economy? Supply & demand (how the 3 economic questions are answered)
How does the command economy of Cuba answer the 3 basic questions? The government makes all the decisions about answer the baseic economic questions.
What is an advantage of a market economy? ability to adjust to changes over time
Which Latin American country has a command economy (LEAST FREE)? Cuba
How are Brazilian and Mexican economies similar? Both are MIXED economies
Why do countries have to answer the 3 basic economic questions? scarcity (shortage)- countries have to determine how to use its limited resources
Which country does Cuba NOT trade with? the U. S.
Brazil has made economic changes such as turning some government-run industries over to private businesses and lessening regulations (laws) on others. How does this affect the continuum? Brazil would move closer to a pure market economy
Which countries are closer to a pure market economy? Brazil & Mexico
Why is specialization important? each country can specialize or become really good at growing/making a certain item. This increases production
A South American country covered by snow w/ a short growing season. Citizens don't have food. They do have a (large) supply of fresh water from snow melt & many freshwater lakes. What is a solution for food scarcity? specialize in fresh water trade to get needed food
Lou lives in Brazil. He is planning a trip to visit his sister, who recently moved to Mexico. He plans to take a taxi from the airport when he arrives in Mexico. What must Lou do in order to pay cash for the taxi ride? exchange his Brazilian reals for Mexican pesos
Which of the following statements BEST describes the relationship between currency and international trade? International trade often requires that buyers and sellers agree on a currency in which to conduct business.
After the Cuban Missile Crisis, the United States blocked all trade with Cuba. What type of trade barrier did the United States place on Cuba? embargo
The North American Free Trade Agreement (NAFTA) had which of the following effects on United States-Mexican relations? The agreement helped Mexico increase its oil exports to benefit the United States economy.
Due to Mexico’s involvement in the North American Free Trade Agreement (NAFTA), which of the following was a consequence? increased pollution
What would be the BEST way for the Brazilian government to improve the standard of living in the country? The government should increase investment in public education.
How do high literacy rates in a country help that country’s economic development? They raise the population’s ability to perform skilled labor.
Cattle ranching is important for Brazil’s economy. However, large herds of cattle need lots of space to graze. If cattle ranching expanded in Brazil, which of the following industries would this MOST negatively impact? lumber
Created by: ssha13
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