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






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






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






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






5. Consumption - investment and government expenditures. net exports






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






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






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






9. Production and consumption at local levels for community survival






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






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






12. Beneficial spillover on another party






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






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






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






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






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






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






19. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






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






29. Location economies created through formal interactions between firms






30. Location economies created through formal interactions between firms






31. Beneficial spillover on another party






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






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






34. 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






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






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






37. 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






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






39. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






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