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