1.Growth in Latin America in the 1970s was largely fueled by

options:

A.monetary expansion.

B.government spending.

C.export growth.

D.capital inflows.

2.Import substitution industrialization in Latin America

A. relied on increased exports.

B. provided subsidies for exports.

C. shifted the bulk of exports away from primary commodities.

D. created disincentives to export.

3.The Baker Plan for addressing the debt crisis was based on the assumption that

A.most countries would eventually default on their debt.

B.forgiveness of some of the debt was inevitable.

C.hyperinflation would eventually reduce the real value of the debt.

D.hyperinflation would eventually reduce the real value of the debt.

4.Which of the following is NOT a true statement?

A.India can easily relocate workers from the country to the city.

B.India would raise income faster if it moved workers from agriculture to manufacturing.

C.High agricultural tariffs in India protect rural workers.

D.India has low tariffs in manufacturing.