Test your basic knowledge |

Global Economy Basics

Subjects : literacy, economics
Instructions:
  • Answer 48 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Generic categories of elements that are required for production of a good or service to occur






2. A cost or damage that spills over on another party






3. How the various steps in a production process tasks are assigned to different workers






4. Those that tend to use older production technologies and lack newest products






5. An unintended consequence or cost that adversely affects an entity that was not involved






6. As incomes rise - a lower proportion of income is spent on food


7. Most people work for wages - then purchase goods and services to consume






8. As incomes rise - a lower proportion of income is spent on food


9. Emphasizes social relationships and process that create or modify their characteristics






10. Location economies created through formal interactions between firms






11. Process of growth - change - and differentiation of an economy






12. Those that tend to use older production technologies and lack newest products






13. Emphasizes social relationships and process that create or modify their characteristics






14. Most people work for wages - then purchase goods and services to consume






15. Education - knowledge - skills - and abilities of a labor force






16. Those with highest degree of use of new technologies for production and highest degree or range of new products






17. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs






18. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries






19. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment






20. A cost or damage that spills over on another party






21. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent






22. Production and consumption at local levels for community survival






23. Directed enterprise - state ownership of production - quota/planned distribution






24. Location economies created through formal interactions between firms






25. Production and consumption at local levels for community survival






26. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries






27. A graduated series of geographical terms used to classify or organize spaces - places - or processes






28. Shift in location of a part of company's production process to a location that is 'close' to the company's home location - but in order to take advantage of reduced labor costs






29. Directed enterprise - state ownership of production - quota/planned distribution






30. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs






31. Free enterprise - private ownership of production - market-based exchange






32. An unintended consequence or cost that adversely affects an entity that was not involved






33. A graduated series of geographical terms used to classify or organize spaces - places - or processes






34. Production - price - exchange - and distribution regulated by custom






35. Production - price - exchange - and distribution regulated by custom






36. Shift in location of a part of company's production process to a location that is 'close' to the company's home location - but in order to take advantage of reduced labor costs






37. How the various steps in a production process tasks are assigned to different workers






38. Those with highest degree of use of new technologies for production and highest degree or range of new products






39. Consumption - investment and government expenditures. net exports






40. Consumption - investment and government expenditures. net exports






41. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment






42. Process of growth - change - and differentiation of an economy






43. Beneficial spillover on another party






44. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent






45. Generic categories of elements that are required for production of a good or service to occur






46. Education - knowledge - skills - and abilities of a labor force






47. Free enterprise - private ownership of production - market-based exchange






48. Beneficial spillover on another party