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






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






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






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






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






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






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






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






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






10. Production and consumption at local levels for community survival






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






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






13. Consumption - investment and government expenditures. net exports






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






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


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






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






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






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






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






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






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






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






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






26. Location economies created through formal interactions between firms






27. 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






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






29. Consumption - investment and government expenditures. net exports






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






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






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






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






34. 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






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






36. Production and consumption at local levels for community survival






37. Beneficial spillover on another party






38. Beneficial spillover on another party






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






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






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






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


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






44. Location economies created through formal interactions between firms






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






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






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






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