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






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






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






4. Location economies created through formal interactions between firms






5. 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






6. Production and consumption at local levels for community survival






7. Consumption - investment and government expenditures. net exports






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






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






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






11. Location economies created through formal interactions between firms






12. 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






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






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






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






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






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






18. Beneficial spillover on another party






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






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






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






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






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






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






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






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






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






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






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






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






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






32. Production and consumption at local levels for community survival






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






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






35. Consumption - investment and government expenditures. net exports






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






37. Beneficial spillover on another party






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


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






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






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






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






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


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






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






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






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






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