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Test your basic knowledge |
Global Economy Basics
Start Test
Study First
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. As incomes rise - a lower proportion of income is spent on food
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2. Location economies created through formal interactions between firms
Traditional Economy
geographical scale
Traded Interdependencies
leading economies
3. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries
Engel's Law
Customs Union
Human Capital
Engel's Law
4. Those that tend to use older production technologies and lack newest products
traditional economies
lagging economies
Factors of Production
GDP
5. Production and consumption at local levels for community survival
Human Capital
Intellectual Property
GDP
traditional economies
6. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
leading economies
Intellectual Property
Negative Externality
Engel's Law
7. Education - knowledge - skills - and abilities of a labor force
socially constructed
Human Capital
traditional economies
Development
8. A graduated series of geographical terms used to classify or organize spaces - places - or processes
leading economies
socially constructed
Command Economy
geographical scale
9. Emphasizes social relationships and process that create or modify their characteristics
Factors of Production
lagging economies
socially constructed
geographical scale
10. Directed enterprise - state ownership of production - quota/planned distribution
Intellectual Property
leading economies
Command Economy
Traditional Economy
11. A cost or damage that spills over on another party
Negative Externality
nearshoring
Human Capital
Intellectual Property
12. Generic categories of elements that are required for production of a good or service to occur
Division of Labor
nearshoring
Factors of Production
nearshoring
13. Production and consumption at local levels for community survival
traditional economies
Globalization
geographical scale
Intellectual Property
14. Education - knowledge - skills - and abilities of a labor force
Globalization
Division of Labor
Human Capital
Open economies
15. Free enterprise - private ownership of production - market-based exchange
Positive Externality
negative externality
Capitalist Economy
Traded Interdependencies
16. An unintended consequence or cost that adversely affects an entity that was not involved
Customs Union
Development
negative externality
Intellectual Property
17. A cost or damage that spills over on another party
Negative Externality
Traditional Economy
traditional economies
socially constructed
18. Process of growth - change - and differentiation of an economy
Development
Negative Externality
traditional economies
Factors of Production
19. Process of growth - change - and differentiation of an economy
modern economies
Development
Human Capital
GDP
20. Those with highest degree of use of new technologies for production and highest degree or range of new products
Customs Union
traditional economies
leading economies
GDP
21. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
Globalization
traditional economies
negative externality
socially constructed
22. An unintended consequence or cost that adversely affects an entity that was not involved
Division of Labor
negative externality
Command Economy
Division of Labor
23. 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
Development
nearshoring
Globalization
Human Capital
24. Most people work for wages - then purchase goods and services to consume
Factors of Production
socially constructed
modern economies
Command Economy
25. Location economies created through formal interactions between firms
Factors of Production
Traded Interdependencies
Globalization
Human Capital
26. Those with highest degree of use of new technologies for production and highest degree or range of new products
Engel's Law
Intellectual Property
Positive Externality
leading economies
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
Globalization
Traditional Economy
nearshoring
Factors of Production
28. How the various steps in a production process tasks are assigned to different workers
geographical scale
Engel's Law
Division of Labor
modern economies
29. Emphasizes social relationships and process that create or modify their characteristics
negative externality
Negative Externality
Division of Labor
socially constructed
30. Those that tend to use older production technologies and lack newest products
Command Economy
lagging economies
Open economies
Human Capital
31. Generic categories of elements that are required for production of a good or service to occur
modern economies
Customs Union
Factors of Production
Traditional Economy
32. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
Customs Union
Intellectual Property
Open economies
Division of Labor
33. Beneficial spillover on another party
Globalization
Traded Interdependencies
traditional economies
Positive Externality
34. Directed enterprise - state ownership of production - quota/planned distribution
Command Economy
Open economies
leading economies
Globalization
35. Free enterprise - private ownership of production - market-based exchange
Capitalist Economy
Positive Externality
Development
modern economies
36. Consumption - investment and government expenditures. net exports
Intellectual Property
geographical scale
Customs Union
GDP
37. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
Traded Interdependencies
traditional economies
socially constructed
Open economies
38. A graduated series of geographical terms used to classify or organize spaces - places - or processes
nearshoring
geographical scale
Positive Externality
lagging economies
39. Beneficial spillover on another party
nearshoring
Human Capital
Positive Externality
Traditional Economy
40. Consumption - investment and government expenditures. net exports
Development
GDP
Development
lagging economies
41. Production - price - exchange - and distribution regulated by custom
leading economies
Traditional Economy
Customs Union
Customs Union
42. Most people work for wages - then purchase goods and services to consume
Development
Capitalist Economy
modern economies
Open economies
43. How the various steps in a production process tasks are assigned to different workers
Division of Labor
Capitalist Economy
Negative Externality
Open economies
44. As incomes rise - a lower proportion of income is spent on food
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45. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
Human Capital
socially constructed
Globalization
traditional economies
46. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
Intellectual Property
Customs Union
Globalization
Open economies
47. Production - price - exchange - and distribution regulated by custom
Traditional Economy
Positive Externality
lagging economies
negative externality
48. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries
Customs Union
modern economies
Human Capital
traditional economies