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Test your basic knowledge |
Global Economy Basics
Start Test
Study First
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. Production - price - exchange - and distribution regulated by custom
Globalization
lagging economies
Traditional Economy
Engel's Law
2. Free enterprise - private ownership of production - market-based exchange
socially constructed
lagging economies
Capitalist Economy
nearshoring
3. A graduated series of geographical terms used to classify or organize spaces - places - or processes
geographical scale
Traded Interdependencies
Globalization
modern economies
4. Most people work for wages - then purchase goods and services to consume
modern economies
Customs Union
Customs Union
traditional economies
5. How the various steps in a production process tasks are assigned to different workers
Division of Labor
Open economies
Engel's Law
leading economies
6. Most people work for wages - then purchase goods and services to consume
Engel's Law
Intellectual Property
traditional economies
modern economies
7. As incomes rise - a lower proportion of income is spent on food
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8. Generic categories of elements that are required for production of a good or service to occur
lagging economies
Negative Externality
Traditional Economy
Factors of Production
9. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
Positive Externality
Intellectual Property
nearshoring
Globalization
10. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
Traded Interdependencies
socially constructed
Globalization
Customs Union
11. Process of growth - change - and differentiation of an economy
lagging economies
nearshoring
Open economies
Development
12. Directed enterprise - state ownership of production - quota/planned distribution
Command Economy
leading economies
Development
Traditional Economy
13. Directed enterprise - state ownership of production - quota/planned distribution
socially constructed
negative externality
Traditional Economy
Command Economy
14. Beneficial spillover on another party
Negative Externality
Globalization
Positive Externality
Traded Interdependencies
15. Emphasizes social relationships and process that create or modify their characteristics
socially constructed
Human Capital
Traded Interdependencies
Negative Externality
16. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries
geographical scale
Customs Union
Intellectual Property
Factors of Production
17. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
Intellectual Property
Command Economy
Globalization
Traded Interdependencies
18. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries
Command Economy
Open economies
Customs Union
Factors of Production
19. 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
Command Economy
Open economies
GDP
nearshoring
20. Production and consumption at local levels for community survival
traditional economies
leading economies
nearshoring
Command Economy
21. Generic categories of elements that are required for production of a good or service to occur
Open economies
Globalization
traditional economies
Factors of Production
22. Production - price - exchange - and distribution regulated by custom
GDP
geographical scale
socially constructed
Traditional Economy
23. Education - knowledge - skills - and abilities of a labor force
Human Capital
Globalization
Factors of Production
geographical scale
24. Consumption - investment and government expenditures. net exports
Customs Union
Open economies
GDP
Capitalist Economy
25. Those that tend to use older production technologies and lack newest products
Negative Externality
traditional economies
Development
lagging economies
26. Location economies created through formal interactions between firms
Globalization
Customs Union
GDP
Traded Interdependencies
27. Education - knowledge - skills - and abilities of a labor force
lagging economies
Human Capital
socially constructed
nearshoring
28. Production and consumption at local levels for community survival
Globalization
traditional economies
Globalization
Development
29. As incomes rise - a lower proportion of income is spent on food
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30. Emphasizes social relationships and process that create or modify their characteristics
Human Capital
Division of Labor
nearshoring
socially constructed
31. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
Open economies
Engel's Law
nearshoring
GDP
32. An unintended consequence or cost that adversely affects an entity that was not involved
negative externality
Division of Labor
Traded Interdependencies
Open economies
33. Those with highest degree of use of new technologies for production and highest degree or range of new products
Engel's Law
leading economies
GDP
Negative Externality
34. Beneficial spillover on another party
Positive Externality
Command Economy
Human Capital
Command Economy
35. Those that tend to use older production technologies and lack newest products
Customs Union
Division of Labor
leading economies
lagging economies
36. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
Intellectual Property
negative externality
Customs Union
traditional economies
37. Those with highest degree of use of new technologies for production and highest degree or range of new products
Negative Externality
Division of Labor
Capitalist Economy
leading economies
38. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
Customs Union
Open economies
Factors of Production
Positive Externality
39. Free enterprise - private ownership of production - market-based exchange
leading economies
Factors of Production
Capitalist Economy
geographical scale
40. Consumption - investment and government expenditures. net exports
GDP
Traded Interdependencies
Traditional Economy
Engel's Law
41. An unintended consequence or cost that adversely affects an entity that was not involved
modern economies
GDP
negative externality
nearshoring
42. 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
lagging economies
nearshoring
geographical scale
Positive Externality
43. A cost or damage that spills over on another party
geographical scale
Division of Labor
Negative Externality
Positive Externality
44. Location economies created through formal interactions between firms
Traded Interdependencies
Intellectual Property
Human Capital
Factors of Production
45. How the various steps in a production process tasks are assigned to different workers
Factors of Production
socially constructed
Division of Labor
geographical scale
46. A graduated series of geographical terms used to classify or organize spaces - places - or processes
leading economies
geographical scale
traditional economies
Traded Interdependencies
47. A cost or damage that spills over on another party
leading economies
lagging economies
Negative Externality
traditional economies
48. Process of growth - change - and differentiation of an economy
Factors of Production
modern economies
socially constructed
Development