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. 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






2. Production and consumption at local levels for community survival






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


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






5. Consumption - investment and government expenditures. net exports






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






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






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






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






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






11. Location economies created through formal interactions between firms






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






13. Beneficial spillover on another party






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






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






16. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






24. Beneficial spillover on another party






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






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






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






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






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






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






31. Consumption - investment and government expenditures. net exports






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






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






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


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






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






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






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






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






40. Location economies created through formal interactions between firms






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






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






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






45. 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






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






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






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