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


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






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






5. Location economies created through formal interactions between firms






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






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






8. Beneficial spillover on another party






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






10. Beneficial spillover on another party






11. Production and consumption at local levels for community survival






12. Location economies created through formal interactions between firms






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






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






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






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






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






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






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






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






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






22. Production and consumption at local levels for community survival






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






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






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






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






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


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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






43. Consumption - investment and government expenditures. net exports






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






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






46. 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






47. Consumption - investment and government expenditures. net exports






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