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


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






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






4. Location economies created through formal interactions between firms






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






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






7. Consumption - investment and government expenditures. net exports






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






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






11. Production and consumption at local levels for community survival






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






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






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


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






16. Consumption - investment and government expenditures. net exports






17. Beneficial spillover on another party






18. Production and consumption at local levels for community survival






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






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






21. Location economies created through formal interactions between firms






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






40. Beneficial spillover on another party






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






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






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






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






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






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






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






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