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






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






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






4. Beneficial spillover on another party






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






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






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






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






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






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






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






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






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






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






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






16. 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






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






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






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






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






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






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






23. Production and consumption at local levels for community survival






24. Consumption - investment and government expenditures. net exports






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






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


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






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






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






30. Location economies created through formal interactions between firms






31. 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






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






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


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






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






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






37. Production and consumption at local levels for community survival






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






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






40. Consumption - investment and government expenditures. net exports






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






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






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






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






45. Location economies created through formal interactions between firms






46. Beneficial spillover on another party






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






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