All of These Are Shared Characteristics of Most Latin American

question 54

Multiple Choice

All of these are shared characteristics of most Latin American countries, except ________.

• A) common experience of colonialism
• B) dominance of the Spanish and Portuguese languages
• C) religion (Roman Catholicism)
• D) legal and political institutions
• E) All of these are shared characteristics.

---

Definitions:

Short-Run Phillips Curve

Describes the inverse relationship between the rate of inflation and the unemployment rate over a short period.

Rational Expectations

The theory that people optimally use all the information they have, including information about government policies, when forecasting the future.

Sacrifice Ratio

A measure of the economic cost associated with reducing inflation, often calculated as the percentage loss in output per percentage point decrease in inflation.

Inflation Expectations

The anticipation by consumers and businesses of the rate at which prices will rise in the future.