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. Location economies created through formal interactions between firms






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






3. Location economies created through formal interactions between firms






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


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






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






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






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






9. 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






10. 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






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






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






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






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






15. Consumption - investment and government expenditures. net exports






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






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






18. Beneficial spillover on another party






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






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






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






22. Beneficial spillover on another party






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






24. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






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






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






35. Production and consumption at local levels for community survival






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


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






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






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






40. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






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






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