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






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






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






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






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






6. Beneficial spillover on another party






7. 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






8. Location economies created through formal interactions between firms






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






10. Location economies created through formal interactions between firms






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

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






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






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






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






16. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






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






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






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






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

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






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






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






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






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






32. Production and consumption at local levels for community survival






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






34. Consumption - investment and government expenditures. net exports






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






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






37. Production and consumption at local levels for community survival






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






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






40. Beneficial spillover on another party






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






42. 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






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






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






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






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






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






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