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






2. Beneficial spillover on another party






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


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






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






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






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






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






9. Location economies created through formal interactions between firms






10. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






21. Consumption - investment and government expenditures. net exports






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






23. Consumption - investment and government expenditures. net exports






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






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






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






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


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






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






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






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






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






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






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






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






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






37. Beneficial spillover on another party






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






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






40. 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






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






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






43. Location economies created through formal interactions between firms






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






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






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






47. Production and consumption at local levels for community survival






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