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

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






3. Consumption - investment and government expenditures. net exports






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






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






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






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






8. Beneficial spillover on another party






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






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






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






12. Location economies created through formal interactions between firms






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






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






15. Location economies created through formal interactions between firms






16. Production and consumption at local levels for community survival






17. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






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






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






29. Consumption - investment and government expenditures. net exports






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






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






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

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






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






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






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






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






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






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






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






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






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






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






44. Beneficial spillover on another party






45. 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






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






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






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