Unit 09 - Latin American Economics

Why are most economies referred to as “mixed economies”?

• There are not any traditional economic systems left.
• Government planners no longer have complete control over command systems.
• Economic poverty is too great in a pure market system.
• Most countries have aspects of both market and command economies.

The economies of Mexico, Brazil, and Cuba can be best described as:

• Market.
• Traditional.
• Command.
• Mixed.

Which country's economy system is being described in the list below: ➢Command-leaning economy that is only 33% free ➢Factories, machinery, and equipment are outdated ➢Government regulates the economy with little input from private citizens and businesses ➢70% of workers are employed by the government

• Brazil
• Mexico
• Cuba
• None of the above.

What factor of production is represented by the chart below?

• Human Capital
• Natural Resources
• Capital Goods
• Entrepreneurship

Which country's capital goods are represented in the chart below? ➢Outdated technology and machinery ➢inefficient factories

• Mexico
• Brazil
• Cuba
• None of the above

Investing in human capital means spending money on:

• developing natural resources.
• factories and businesses.
• machinery and technology.
• education and training.

What would MOST LIKELY be the reason that Cuba’s literacy rate is very high but it's standard of living is still low?

• Cuba does not invest in education, which results in a low standard of living.
• Cuba's communist government provides good education but very little freedom.

• Cuba invests heavily in education, which never affects standard of living.

• Cuba has a high number of entrepreneurs with poorly run businesses.

What is one way that Brazil has invested in developing its human capital?

• Providing free public edcucation for students.
• Improving access to electricity for farmers.
• Updating factory equipment and machinery.
• Expanding highways and railroads.

Mexico's GDP per Capita is about $19,000 while Cuba's is about $12,000. Which country more than likely has a higher standard of living?

• Mexico
• Cuba
• Answer cannot be determined by information given.
• factories and machinery

Which of the following is NOT an economic problem that Cuba currently faces?

• Outdated technology and inefficient factories
• Low investment in human capital
• Lack of natural resources
• Too much government control