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 cost or damage that spills over on another party






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






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






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






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






6. Beneficial spillover on another party






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






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


9. Beneficial spillover on another party






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






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






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






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






14. Production and consumption at local levels for community survival






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






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






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






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






19. Location economies created through formal interactions between firms






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






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






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






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






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






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






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






27. Production and consumption at local levels for community survival






28. 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






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






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






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






32. Consumption - investment and government expenditures. net exports






33. 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






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






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






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






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


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






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






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






41. Location economies created through formal interactions between firms






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






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






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






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






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






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






48. Consumption - investment and government expenditures. net exports