Latin America's Economies: Checkpoint 1

Quick checkpoint - five questions on the region's economies, import substitution, the Washington Consensus, inequality and Brazil.

Quick checkpoint - five questions on the region’s economies, import substitution, the Washington Consensus, inequality and Brazil.

Question 1 of 5 What was import substitution industrialisation?

Exporting only raw materials Replacing imported manufactured goods with domestic production behind high tariffs Removing all tariffs Joining a currency union

Many Latin American countries followed ISI from the 1930s to the 1980s.

Question 2 of 5 Who summarised the Washington Consensus in 1989?

Raúl Prebisch John Williamson Milton Friedman Fernando Henrique Cardoso

Williamson listed ten reforms broadly agreed on by Washington-based institutions.

Question 3 of 5 Which of these helped reduce inequality in many Latin American countries in the 2000s?

Higher inflation Conditional cash transfers like Bolsa Família Closing schools Ending minimum wages

Education, minimum wages and cash transfers all contributed.

Question 4 of 5 How did Brazil's 1994 Real Plan end hyperinflation?

By banning all prices Using a temporary unit of account before introducing a new currency, with tighter policy By adopting the U.S. dollar By printing more money

The URV let prices and wages adjust to a stable reference before the real was introduced.

Question 5 of 5 When did NAFTA take effect?

1 January 1994 1 July 2020 1945 2008

It was replaced by the USMCA on 1 July 2020.

← Back to Mexico, NAFTA and the USMCA Next lesson → Chile: Reforms, Growth and Protest

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