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






4. 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






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






6. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






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






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






15. 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






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


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






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






19. Beneficial spillover on another party






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






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






22. Production and consumption at local levels for community survival






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






24. Location economies created through formal interactions between firms






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






26. Beneficial spillover on another party






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






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






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






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






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






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






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






34. Location economies created through formal interactions between firms






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






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






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






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






39. Production and consumption at local levels for community survival






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






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






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






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






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






45. Consumption - investment and government expenditures. net exports






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


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






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