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






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






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






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






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






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






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






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






9. Beneficial spillover on another party






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






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






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






13. Consumption - investment and government expenditures. net exports






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






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






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






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






19. Production and consumption at local levels for community survival






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






21. Consumption - investment and government expenditures. net exports






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






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






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






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






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






27. Location economies created through formal interactions between firms






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






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






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






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






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


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






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






35. Production and consumption at local levels for community survival






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


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






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






39. Beneficial spillover on another party






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






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






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






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






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






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






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






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






48. Location economies created through formal interactions between firms