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






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






3. Beneficial spillover on another party






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






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






6. Production and consumption at local levels for community survival






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






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






9. 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






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






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






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






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






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






15. Beneficial spillover on another party






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






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






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






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






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


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






22. 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






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






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






25. Location economies created through formal interactions between firms






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






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






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






29. Location economies created through formal interactions between firms






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


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






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






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






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






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






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






38. Production and consumption at local levels for community survival






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






40. Consumption - investment and government expenditures. net exports






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






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






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






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






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






46. Consumption - investment and government expenditures. net exports






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






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