Latin America Economics Test

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.

•   Most countries have aspects of both market and command economies.

• Economic poverty is too great in a pure market system.

Which of the following is NOT one of the basic questions that all economic systems must answer:

• What to produce?

• How to produce?

• How much to produce?

• For whom to produce?

What would be an accurate title for this table? (View the image)

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

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

• Traditional

• Command

• Market

• Mixed

Which Latin American economy has the most free (from government control) mixed economy?

• Mexico

• Brazil

• Cuba

• None of the above

Which of the letters represents Cuba in the economic continuum above?

• Letter A

• Letter B

• Letter C

• None of the Above

Which Latin American country has a command economic system?

• Letter A

• Letter B

• Letter C

• Letter D

Which of the following would reflect Mexico’s mixed economy?

•    Prices and wages are solely regulated by the country’s government.

•   A combination of privately-owned businesses and government regulations.

• The country’s distribution of resources is based on inheritance.

• All economic decisions are based on customs and beliefs of ancestors.

( View Image) Which country’s economic system is being described in the list?

• Mexico

• United States

• Cuba

• Brazil

In which area has Mexico specialized?

• oil production

• forest products

• meat processing

• gold and diamond