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






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






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






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






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






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






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






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






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






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






11. Location economies created through formal interactions between firms






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






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






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






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






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






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






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






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






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


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






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






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






24. 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






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






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






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






28. Consumption - investment and government expenditures. net exports






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






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






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. Production and consumption at local levels for community survival






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






34. Beneficial spillover on another party






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






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






37. Location economies created through formal interactions between firms






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






39. Beneficial spillover on another party






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






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






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


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






44. Consumption - investment and government expenditures. net exports






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






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






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






48. Production and consumption at local levels for community survival