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






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


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






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






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






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






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






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






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






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


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






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






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






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






15. 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






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






17. Location economies created through formal interactions between firms






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






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






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






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






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






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






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






25. Beneficial spillover on another party






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






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






28. Beneficial spillover on another party






29. Consumption - investment and government expenditures. net exports






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






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






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






33. Consumption - investment and government expenditures. net exports






34. Production and consumption at local levels for community survival






35. 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






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






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






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






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






40. Location economies created through formal interactions between firms






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






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






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






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






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






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






47. Production and consumption at local levels for community survival






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