ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Trade Barrier
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Specialization
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Maximum Spending
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Economics
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Detailed explanation-1: -The economy of Cuba is a mixed command economy dominated by state-run enterprises. Most of the labor force is employed by the state. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment.
Detailed explanation-2: -The Cuban sugar economy is the principal agricultural economy in Cuba. Historically, the Cuban economy relied heavily on sugar exports, but sugar production has declined since the breakup of the Soviet Union in 1991.
Detailed explanation-3: -Cuba’s main imports are machinery, food and fuel products, while its major exports are refined fuels, sugar, tobacco, nickel and pharmaceuticals.
Detailed explanation-4: -Cuba’s natural resources include: cobalt, nickel, iron ore, chromium, copper, salt, timber, silica, and petroleum. The estimated population is a little over 11 million people. The Republic of Cuba is a Communist state.