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






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






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






5. Production and consumption at local levels for community survival






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






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






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






9. Consumption - investment and government expenditures. net exports






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






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






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






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






14. Location economies created through formal interactions between firms






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






16. Beneficial spillover on another party






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






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






19. Beneficial spillover on another party






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






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






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






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






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






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






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






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






29. Consumption - investment and government expenditures. net exports






30. Location economies created through formal interactions between firms






31. 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






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






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






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






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






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






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






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






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






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






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






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






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






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






47. Production and consumption at local levels for community survival






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