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






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






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






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






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






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






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






8. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






17. Production and consumption at local levels for community survival






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






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






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






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






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






23. Location economies created through formal interactions between firms






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






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






26. 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






27. Beneficial spillover on another party






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






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






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






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






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






33. Consumption - investment and government expenditures. net exports






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






35. 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






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






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






38. Beneficial spillover on another party






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






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






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






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






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






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






45. Location economies created through formal interactions between firms






46. Consumption - investment and government expenditures. net exports






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






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