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






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






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






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






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






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






7. Beneficial spillover on another party






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






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






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






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






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






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






14. 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






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






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






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






18. Beneficial spillover on another party






19. Production and consumption at local levels for community survival






20. Location economies created through formal interactions between firms






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

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






23. Production and consumption at local levels for community survival






24. 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






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






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






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






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






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






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






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






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






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

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






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






36. Consumption - investment and government expenditures. net exports






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






38. Location economies created through formal interactions between firms






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






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






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






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






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






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






45. Consumption - investment and government expenditures. net exports






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






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






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