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. 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






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






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






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






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






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






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






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






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


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






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






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






13. Consumption - investment and government expenditures. net exports






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






15. Location economies created through formal interactions between firms






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






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






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






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






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






22. Consumption - investment and government expenditures. net exports






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






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






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






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






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






28. Production and consumption at local levels for community survival






29. 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






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






31. Beneficial spillover on another party






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






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






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


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






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






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






38. Production and consumption at local levels for community survival






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






40. Location economies created through formal interactions between firms






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






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






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






44. Beneficial spillover on another party






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






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






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






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