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






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






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






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






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






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






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






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






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






10. Consumption - investment and government expenditures. net exports






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






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






14. Production and consumption at local levels for community survival






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






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


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






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






19. Production and consumption at local levels for community survival






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






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






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






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






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






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






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


27. Beneficial spillover on another party






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






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






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






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






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






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






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






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






38. Location economies created through formal interactions between firms






39. Consumption - investment and government expenditures. net exports






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






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






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






43. Location economies created through formal interactions between firms






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






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






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






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






48. 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