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Test your basic knowledge |
Global Economy Basics
Start Test
Study First
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. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
Customs Union
Positive Externality
Open economies
Traditional Economy
2. Production and consumption at local levels for community survival
traditional economies
Engel's Law
Factors of Production
lagging economies
3. As incomes rise - a lower proportion of income is spent on food
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4. Most people work for wages - then purchase goods and services to consume
Factors of Production
modern economies
Customs Union
geographical scale
5. Generic categories of elements that are required for production of a good or service to occur
Human Capital
Factors of Production
Division of Labor
GDP
6. Consumption - investment and government expenditures. net exports
Traded Interdependencies
Traditional Economy
Open economies
GDP
7. A graduated series of geographical terms used to classify or organize spaces - places - or processes
negative externality
leading economies
Human Capital
geographical scale
8. Most people work for wages - then purchase goods and services to consume
Customs Union
Traded Interdependencies
Negative Externality
modern economies
9. Process of growth - change - and differentiation of an economy
Traditional Economy
GDP
Open economies
Development
10. Education - knowledge - skills - and abilities of a labor force
Human Capital
negative externality
Intellectual Property
lagging economies
11. Beneficial spillover on another party
Positive Externality
Capitalist Economy
modern economies
Capitalist Economy
12. Production and consumption at local levels for community survival
Development
Open economies
traditional economies
Customs Union
13. A graduated series of geographical terms used to classify or organize spaces - places - or processes
Traded Interdependencies
geographical scale
Human Capital
Positive Externality
14. An unintended consequence or cost that adversely affects an entity that was not involved
Open economies
socially constructed
negative externality
traditional economies
15. Those with highest degree of use of new technologies for production and highest degree or range of new products
Positive Externality
Intellectual Property
leading economies
Intellectual Property
16. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
Development
leading economies
Globalization
GDP
17. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
leading economies
Command Economy
Intellectual Property
Traded Interdependencies
18. 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
traditional economies
nearshoring
Division of Labor
Factors of Production
19. Beneficial spillover on another party
Division of Labor
geographical scale
Traded Interdependencies
Positive Externality
20. Free enterprise - private ownership of production - market-based exchange
traditional economies
Division of Labor
traditional economies
Capitalist Economy
21. Free enterprise - private ownership of production - market-based exchange
traditional economies
modern economies
Capitalist Economy
socially constructed
22. As incomes rise - a lower proportion of income is spent on food
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23. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
Globalization
geographical scale
modern economies
leading economies
24. An unintended consequence or cost that adversely affects an entity that was not involved
traditional economies
negative externality
Open economies
Customs Union
25. Those with highest degree of use of new technologies for production and highest degree or range of new products
Customs Union
leading economies
Engel's Law
Negative Externality
26. How the various steps in a production process tasks are assigned to different workers
Negative Externality
Traditional Economy
Division of Labor
Positive Externality
27. Directed enterprise - state ownership of production - quota/planned distribution
geographical scale
negative externality
Engel's Law
Command Economy
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
Open economies
Globalization
Capitalist Economy
nearshoring
29. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries
Customs Union
Traditional Economy
Traded Interdependencies
Negative Externality
30. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries
lagging economies
Positive Externality
Customs Union
GDP
31. Location economies created through formal interactions between firms
Engel's Law
Intellectual Property
Customs Union
Traded Interdependencies
32. Directed enterprise - state ownership of production - quota/planned distribution
Traded Interdependencies
Command Economy
Division of Labor
Division of Labor
33. Process of growth - change - and differentiation of an economy
Intellectual Property
Negative Externality
Development
traditional economies
34. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
traditional economies
Open economies
Intellectual Property
Command Economy
35. Education - knowledge - skills - and abilities of a labor force
Human Capital
GDP
traditional economies
negative externality
36. Consumption - investment and government expenditures. net exports
Division of Labor
Division of Labor
GDP
Traded Interdependencies
37. Those that tend to use older production technologies and lack newest products
Negative Externality
lagging economies
geographical scale
Capitalist Economy
38. Those that tend to use older production technologies and lack newest products
lagging economies
Negative Externality
traditional economies
Traded Interdependencies
39. A cost or damage that spills over on another party
Negative Externality
socially constructed
Traditional Economy
Development
40. Location economies created through formal interactions between firms
Traded Interdependencies
Command Economy
Human Capital
Positive Externality
41. Production - price - exchange - and distribution regulated by custom
traditional economies
Traditional Economy
Traded Interdependencies
Capitalist Economy
42. Generic categories of elements that are required for production of a good or service to occur
traditional economies
Division of Labor
Factors of Production
traditional economies
43. Emphasizes social relationships and process that create or modify their characteristics
socially constructed
Development
negative externality
nearshoring
44. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
geographical scale
lagging economies
Factors of Production
Open economies
45. A cost or damage that spills over on another party
Customs Union
Negative Externality
Human Capital
Engel's Law
46. Emphasizes social relationships and process that create or modify their characteristics
Capitalist Economy
nearshoring
Open economies
socially constructed
47. How the various steps in a production process tasks are assigned to different workers
Customs Union
nearshoring
Division of Labor
traditional economies
48. Production - price - exchange - and distribution regulated by custom
Open economies
Traditional Economy
modern economies
Customs Union