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. Beneficial spillover on another party






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






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






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






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






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






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






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






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






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






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

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






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






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






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






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






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






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






20. Consumption - investment and government expenditures. net exports






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






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






23. Production and consumption at local levels for community survival






24. Location economies created through formal interactions between firms






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






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






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






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






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






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






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






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






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

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






35. Production and consumption at local levels for community survival






36. Consumption - investment and government expenditures. net exports






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






38. Location economies created through formal interactions between firms






39. Beneficial spillover on another party






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






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






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






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






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






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






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






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






48. 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