SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
Search
Test your basic knowledge |
Global Economy Basics
Start Test
Study First
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. Most people work for wages - then purchase goods and services to consume
lagging economies
traditional economies
lagging economies
modern economies
2. Process of growth - change - and differentiation of an economy
Command Economy
Development
modern economies
traditional economies
3. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
Intellectual Property
Command Economy
negative externality
nearshoring
4. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries
Customs Union
Human Capital
Traditional Economy
Traditional Economy
5. Free enterprise - private ownership of production - market-based exchange
Human Capital
Intellectual Property
modern economies
Capitalist Economy
6. How the various steps in a production process tasks are assigned to different workers
modern economies
Division of Labor
Traded Interdependencies
Open economies
7. Beneficial spillover on another party
Negative Externality
Globalization
Intellectual Property
Positive Externality
8. Production and consumption at local levels for community survival
negative externality
traditional economies
Globalization
Intellectual Property
9. Process of growth - change - and differentiation of an economy
Intellectual Property
Development
Human Capital
lagging economies
10. Location economies created through formal interactions between firms
Division of Labor
Traded Interdependencies
Traditional Economy
traditional economies
11. Directed enterprise - state ownership of production - quota/planned distribution
modern economies
Factors of Production
Command Economy
Intellectual Property
12. A cost or damage that spills over on another party
Engel's Law
socially constructed
Negative Externality
Development
13. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries
Intellectual Property
Customs Union
leading economies
Traditional Economy
14. A graduated series of geographical terms used to classify or organize spaces - places - or processes
geographical scale
nearshoring
Development
Customs Union
15. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
Traded Interdependencies
leading economies
Globalization
Command Economy
16. An unintended consequence or cost that adversely affects an entity that was not involved
negative externality
socially constructed
Globalization
Command Economy
17. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
Traditional Economy
Capitalist Economy
Human Capital
Open economies
18. Consumption - investment and government expenditures. net exports
Factors of Production
GDP
Positive Externality
Command Economy
19. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
geographical scale
negative externality
nearshoring
Open economies
20. A cost or damage that spills over on another party
GDP
Globalization
traditional economies
Negative Externality
21. Generic categories of elements that are required for production of a good or service to occur
Human Capital
Factors of Production
Traditional Economy
lagging economies
22. 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
geographical scale
nearshoring
Division of Labor
negative externality
23. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
Human Capital
Intellectual Property
Open economies
socially constructed
24. As incomes rise - a lower proportion of income is spent on food
25. Those that tend to use older production technologies and lack newest products
Globalization
Command Economy
Engel's Law
lagging economies
26. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
modern economies
socially constructed
Factors of Production
Globalization
27. How the various steps in a production process tasks are assigned to different workers
lagging economies
Positive Externality
Division of Labor
modern economies
28. Emphasizes social relationships and process that create or modify their characteristics
Traded Interdependencies
socially constructed
Capitalist Economy
Negative Externality
29. Education - knowledge - skills - and abilities of a labor force
Factors of Production
Traditional Economy
nearshoring
Human Capital
30. Emphasizes social relationships and process that create or modify their characteristics
Open economies
socially constructed
Intellectual Property
Negative Externality
31. Free enterprise - private ownership of production - market-based exchange
Customs Union
Positive Externality
lagging economies
Capitalist Economy
32. Consumption - investment and government expenditures. net exports
Negative Externality
GDP
modern economies
Negative Externality
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
socially constructed
nearshoring
Traded Interdependencies
Positive Externality
34. Production - price - exchange - and distribution regulated by custom
Traded Interdependencies
Traditional Economy
Open economies
Command Economy
35. As incomes rise - a lower proportion of income is spent on food
36. Those with highest degree of use of new technologies for production and highest degree or range of new products
modern economies
lagging economies
Engel's Law
leading economies
37. Production and consumption at local levels for community survival
traditional economies
Intellectual Property
Factors of Production
Engel's Law
38. Location economies created through formal interactions between firms
nearshoring
geographical scale
Positive Externality
Traded Interdependencies
39. Beneficial spillover on another party
nearshoring
geographical scale
Capitalist Economy
Positive Externality
40. A graduated series of geographical terms used to classify or organize spaces - places - or processes
socially constructed
Factors of Production
geographical scale
Engel's Law
41. Generic categories of elements that are required for production of a good or service to occur
GDP
Positive Externality
Engel's Law
Factors of Production
42. Production - price - exchange - and distribution regulated by custom
Traditional Economy
lagging economies
Development
Open economies
43. Most people work for wages - then purchase goods and services to consume
Positive Externality
socially constructed
lagging economies
modern economies
44. Education - knowledge - skills - and abilities of a labor force
geographical scale
Factors of Production
negative externality
Human Capital
45. Those with highest degree of use of new technologies for production and highest degree or range of new products
Globalization
Traded Interdependencies
leading economies
Human Capital
46. Those that tend to use older production technologies and lack newest products
Division of Labor
socially constructed
Positive Externality
lagging economies
47. Directed enterprise - state ownership of production - quota/planned distribution
Division of Labor
nearshoring
Command Economy
socially constructed
48. An unintended consequence or cost that adversely affects an entity that was not involved
traditional economies
Development
modern economies
negative externality