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






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






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






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






5. Production and consumption at local levels for community survival






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






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






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






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






10. Location economies created through formal interactions between firms






11. 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






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






13. Beneficial spillover on another party






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






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






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






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






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






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






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






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






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


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






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






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






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






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






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






30. Location economies created through formal interactions between firms






31. Production and consumption at local levels for community survival






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






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






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






35. Consumption - investment and government expenditures. net exports






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


37. Beneficial spillover on another party






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






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






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






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






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






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






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






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






46. 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






47. Consumption - investment and government expenditures. net exports






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