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






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






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






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






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






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






7. Beneficial spillover on another party






8. Production and consumption at local levels for community survival






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






10. Location economies created through formal interactions between firms






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






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






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






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






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






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






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






18. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






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






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






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






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






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






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






32. Consumption - investment and government expenditures. net exports






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






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






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






37. Production and consumption at local levels for community survival






38. Location economies created through formal interactions between firms






39. Beneficial spillover on another party






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






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






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






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






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






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






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






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






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