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






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






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






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






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






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






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






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






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






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






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






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






13. Beneficial spillover on another party






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






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






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






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






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






19. Consumption - investment and government expenditures. net exports






20. 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






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






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


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






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






25. 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






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






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






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






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






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






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






32. Production and consumption at local levels for community survival






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






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


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






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






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






38. Consumption - investment and government expenditures. net exports






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






40. Production and consumption at local levels for community survival






41. Location economies created through formal interactions between firms






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






43. Location economies created through formal interactions between firms






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






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






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






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






48. Beneficial spillover on another party