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






2. Production and consumption at local levels for community survival






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






6. Consumption - investment and government expenditures. net exports






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






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






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






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






11. Beneficial spillover on another party






12. Production and consumption at local levels for community survival






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






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






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






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






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






18. 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






19. Beneficial spillover on another party






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






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






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






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






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






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






31. Location economies created through formal interactions between firms






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






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






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






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






36. Consumption - investment and government expenditures. net exports






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






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






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






40. Location economies created through formal interactions between firms






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






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






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






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






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






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






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






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