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. 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






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






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






4. Production and consumption at local levels for community survival






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






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






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






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






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






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






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


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. Location economies created through formal interactions between firms






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






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






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






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






19. Location economies created through formal interactions between firms






20. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






27. Consumption - investment and government expenditures. net exports






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






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






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






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


33. Beneficial spillover on another party






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






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






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






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






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






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






40. Production and consumption at local levels for community survival






41. Beneficial spillover on another party






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






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






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






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






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






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






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