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






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






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






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






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






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






10. Consumption - investment and government expenditures. net exports






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






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






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






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






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






16. Location economies created through formal interactions between firms






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






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






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






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






21. Consumption - investment and government expenditures. net exports






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






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






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






25. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






33. 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






34. Location economies created through formal interactions between firms






35. Beneficial spillover on another party






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


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






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






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






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






41. 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






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






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






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






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






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






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






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