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. Beneficial spillover on another party






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






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






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






5. Consumption - investment and government expenditures. net exports






6. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






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






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. Beneficial spillover on another party






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






20. Consumption - investment and government expenditures. net exports






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






22. Location economies created through formal interactions between firms






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






39. Location economies created through formal interactions between firms






40. 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






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






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






43. Production and consumption at local levels for community survival






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






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






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






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






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