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






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






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






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






7. Beneficial spillover on another party






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






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






10. 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






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






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






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






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






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






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






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


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






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






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


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






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






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






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






25. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






32. Beneficial spillover on another party






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






34. Location economies created through formal interactions between firms






35. Consumption - investment and government expenditures. net exports






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






37. 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






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






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






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






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






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






43. Location economies created through formal interactions between firms






44. Production and consumption at local levels for community survival






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






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






47. Production and consumption at local levels for community survival






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